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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, October 13, 2022, Vol. 23, No. 199

                           Headlines



C Y P R U S

BANK OF CYPRUS: Moody's Upgrades LongTerm Deposit Rating to 'Ba2'


C Z E C H   R E P U B L I C

ALLWYN INTERNATIONAL: Moody's Assigns 'Ba2' CFR, Outlook Stable


G E R M A N Y

STANDARD PROFIL: Moody's Lowers CFR to Caa1, Outlook Remains Neg.
TAG IMMOBILIEN: Moody's Assigns Ba1 CFR & Alters Outlook to Stable


I R E L A N D

ALME LOAN V: Moody's Hikes Rating on EUR10.6MM Class F Notes to B1
BLACKROCK EUROPEAN V: Moody's Affirms B2 Rating on EUR12MM F Notes
BROOM HOLDINGS: Moody's Cuts CFR to B2 & Alters Outlook to Stable
CVC CORDATUS III: Moody's Affirms B2 Rating on EUR13MM Cl. F Notes
JAMES HARDIE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable



I T A L Y

SESTANTE FINANCE 2005: Moody's Affirms Caa2 Rating on Cl. B Notes


N E T H E R L A N D S

TRIVIUM PACKAGING: Moody's Affirms B3 CFR, Outlook Remains Stable


P O L A N D

CYFROWY POLSAT: Moody's Lowers CFR to Ba3 & Alters Outlook to Neg.
GETIN NOBLE: Moody's Withdraws 'Caa1' Deposit Ratings


P O R T U G A L

EMPRESA DE ELECTRICIDADE: Moody's Alters Outlook on B1 CFR to Pos.


S P A I N

TENDAM BRANDS: Moody's Affirms 'B1' CFR on Refinancing
TIMBER SERVICIOS: Moody's Alters Outlook on 'B2' CFR to Negative


U N I T E D   K I N G D O M

BCP V MODULAR: Moody's Affirms B2 Rating on EUR140MM Loan Add-on
BRITISH STEEL: Mazars Resigns as Auditor Over Fee Dispute
CANADA SQUARE 7: Moody's Assigns (P)B2 Rating to Class E Notes
DOWSON PLC 2021-1: Moody's Affirms 'B1' Rating on Class E Notes
ENTAIN HOLDINGS: Moody's Rates New USD750MM Sec. Term Loan 'Ba1'

HOPS HILL 2: Moody's Assigns B1 Rating to GBP9.8MM Class E Notes
JOULES: Stoneacre Motor Owner Buys GBP1MM Worth of Shares
MCCOLL'S: Morrisons' Purchase Set to Get Regulatory Clearance
PRESTED HALL: Open for Business Again Following Takeover
SIGNATURE LIVING: Kroll Explores Options for Preston Hotel

TULLOW OIL: Moody's Puts 'B3' CFR on Review for Downgrade
WASPS: Likely to Go Into Administration Within Days

                           - - - - -


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C Y P R U S
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BANK OF CYPRUS: Moody's Upgrades LongTerm Deposit Rating to 'Ba2'
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Moody's Investors Service has upgraded Bank of Cyprus Public
Company Limited's and Hellenic Bank Public Company Ltd's long-term
ratings, including their long-term bank deposit ratings to Ba2,
from Ba3, and their Baseline Credit Assessments (BCAs) to b1, from
b2. The outlook on both banks' long-term deposit ratings remains
positive.

The main driver for the rating upgrade is the resilience of the
Cypriot economy, that is supporting the operating conditions of the
banking system. This has lead Moody's to raise the Macro Profile of
Cyprus to "Moderate-", from "Weak+". The higher macro profile score
also suggests lesser downside risks and severity of post-failure
losses for Cypriot banks.

The positive outlooks reflect Moody's expectations that the two
banks will strengthen their profitability, in the context of the
higher interest rate environment, and will continue to improve
their asset quality, despite potential new nonperforming loans
(NPL) formation.  The positive outlook on the banks' long-term
deposit ratings also reflects a potential higher buffer from more
junior instruments, as the clarity and certainty around their
future debt issuances improves.

RATINGS RATIONALE

RAISING OF MACRO PROFILE TO MODERATE -

The driver for the rating upgrades has been the resilience of the
Cypriot economy and the gradual improvement in the credit
conditions on the island, which in turn suggests a lower risk to
the Cypriot banks' solvency profiles. As a result Moody's decided
to raise the Macro Profile of Cyprus from Weak + to Moderate -.
This also leads the rating agency to expect a lower severity of
post-failure losses for Cypriot banks, meaning that potentially a
lower portion of deposits and other liabilities could be at a risk
of loss in a resolution.

Cyprus' economy has seen a stronger-than-expected resilience to
Russia's invasion of Ukraine (Caa3 negative), and has recovered
well from the pandemic shock, indicating no permanent damage, as
non-tourism related services and authorities' support measures
stabilised the economy and mitigated the impact of the shock.
Moody's expects growth for Cyprus of 4.8% this year and 2% in 2023
respectively, which would be higher than the euro area average at
2.2% in 2022 and 0.9% in 2023. Thereafter, Cyprus' growth outlook
remains solid with potential GDP growth estimated by Moody's to be
in the range of 2.5-3.0%.

Moody's notes that credit conditions have improved in recent years,
with a significant drop in system nonperforming exposures (NPEs) to
11.2% of total domestic loans and advances in June 2022, from a
peak of 49.8% as of May 2016. The rating agency however notes that
challenges remain as a result of  still-high levels of indebtedness
and the legal framework governing foreclosures that remains
vulnerable to frequent political interference.

BANK OF CYPRUS

  Rationale for Upgrade of BCA

The upgrade of Bank of Cyprus' long-term ratings and assessments
reflects the re-assessment of Cyprus' Macro profile to "Moderate-",
that has in turn led to a one notch upgrade in its BCA and Adjusted
BCA to b1, from b2. The higher Macro Profile has also had an impact
on Moody's assessment of the bank's loss-given failure (LGF)
analysis.

The higher BCA reflects the reduced risks to the bank's credit
profile, due to the resilience in the Cypriot economy, but also the
bank's continued asset quality improvements. Specifically, the bank
has managed to significantly improve asset quality, as a result of
organic and inorganic actions, with NPEs declining to a pro-forma
5.7% of gross loans as of June 2022, from 25% at year-end 2020,
while maintaining a solid Common Equity Tier 1 (CET1) ratio of
14.2%, pro-forma for the latest NPE sale and the bank's voluntary
staff exit scheme. The bank's profitability outlook has also
strengthened, supported by the higher interest rate environment and
the bank's cost-cutting initiatives.

While the b1 BCA also captures residual asset quality risks,
including a significant stock of foreclosed assets and considerable
near-term economic uncertainty, the Cypriot economy has shown
resiliency in the aftermath of both the pandemic and the
Russia-Ukraine military conflict.

  Upgrade of long-term deposit and debt ratings

Bank of Cyprus' long-term deposit ratings have been upgraded to
Ba2, from Ba3, and continue to be placed two notches above its BCA.
This continues to capture the depositor preference in Cyprus law,
over senior unsecured creditors, establishing full depositor
preference in insolvency and by extension in resolution, rather
than junior deposits ranking pari passu with senior unsecured
claims.

The bank's senior unsecured ratings and junior senior unsecured
programme ratings (including those on holding company senior
unsecured programmes) have been upgraded by two notches to B1 and
(P)B1, from B3 and (P)B3 respectively, and are now placed at the
level of the BCA, from one notch below the BCA previously, as a
result of the rating agency's re-assessment of operating
conditions.

The operating environment has proven more resilient and credit
risks are gradually receding, which leads Moody's to expect lower
post-failure losses for Cypriot banks. Specifically, the higher
Macro Profile lead Moody's to change its post-failure loss
assumption to 8% from 13%, meaning that potentially a lower portion
of deposits, senior unsecured debt and other liabilities could be
at a risk of loss in a resolution.

All subordinated debt ratings of Bank of Cyprus Holdings Public Ltd
Company have been upgraded by one notch to B2, from B3, and
continue to be placed one notch below the Bank of Cyprus' BCA.

All of these ratings have been determined using Moody's banking
methodology, under its Advanced LGF analysis as it is applied to
countries subject to the EU's Bank Recovery and Resolution
Directive, such as Cyprus. They also factor the bank's potential
near term debt issuances.

  Positive Outlook

The positive outlook on the long-term deposit and senior unsecured
debt ratings reflects Moody's expectation that NPEs and foreclosed
real estate assets will continue their downwards trajectory and
profitability will strengthen further, supported by the higher
interest rate environment and the bank's cost-cutting initiatives.

Moody's expects Bank of Cyprus' profitability to benefit from the
increases in the European Central Bank (ECB)'s policy rate,
primarily as the bank's significant cash balances with the central
bank (around EUR9.9 billion or 38% of assets as of June 2022)
reprice immediately. At the same time, deposits will reprice slower
and by less, given the bank's excess liquidity. As a result, the
bank expects to reach a return on tangible equity of over 10% in
2023, two years ahead of plan.

The positive outlook on the long-term deposit rating also reflects
a potential higher buffer by more junior instruments, as the
clarity and certainty around the bank's potential future debt
issuances improves.

HELLENIC BANK

Rational for Upgrade of BCA

The upgrade of Hellenic Bank's long-term ratings and assessments
reflects the re-assessment of Cyprus' Macro profile score one notch
higher to "Moderate-", that has in turn led to a one notch upgrade
in its BCA and Adjusted BCA to b1, from b2. The higher Macro
Profile has also had an impact on Moody's assessment of the bank's
LGF analysis.

The higher BCA reflects the reduced risks to the bank's credit
profile, due to the resilience in the Cypriot economy, but also the
bank's continued asset quality improvements. Specifically, Hellenic
Bank's solvency benefits from the bank's solid capital buffers,
with a CET1 capital ratio of 19.6% as of June 2022, and the
material reduction in its legacy problem loans, with NPEs
accounting for 10.2% of gross loans, or 3.6% excluding NPEs
guaranteed by the government. These ratios are pro-forma for the
bank's recent NPE sale transaction. The bank's profitability
outlook has also strengthened, supported by the higher interest
rate environment and the bank's ongoing initiatives to rationalize
costs.

While the b1 BCA also captures residual asset quality risks,
including considerable near-term economic uncertainty, the Cypriot
economy has shown resiliency in the aftermath of both the pandemic
and the Russia-Ukraine military conflict.

Upgrade of long-term deposit and debt ratings

Hellenic Bank's long-term deposit ratings have been upgraded to
Ba2, from Ba3, and continue to be placed two notches above its BCA.
This continues to capture the depositor preference in Cyprus law,
over senior unsecured creditors, establishing full depositor
preference in insolvency and by extension in resolution, rather
than junior deposits ranking pari passu with senior unsecured
claims.

Hellenic Bank's senior unsecured debt ratings and junior senior
unsecured programme ratings have been upgraded by two notches to B1
and (P)B1, from B3 and (P)B3 respectively, and are now placed at
the level of the BCA, from one notch below the BCA previously, as a
result of the rating agency's re-assessment of operating conditions
and as a result of the bank's potential near term debt issuances.

The operating environment has proven more resilient and credit
risks are gradually receding, which leads Moody's to expect lower
post-failure losses for Cypriot banks. Specifically, the higher
Macro Profile lead Moody's to change its post-failure loss
assumption to 8% from 13%, meaning that potentially a lower portion
of deposits, senior unsecured debt and other liabilities could be
at a risk of loss in a resolution.

Hellenic Bank's subordinated programme ratings have been upgraded
by one notch to (P)B2, from (P)B3, and continue to be placed one
notch below the BCA.

All of these ratings have been determined using Moody's banking
methodology, under its Advanced LGF analysis as it is applied to
countries subject to the EU's Bank Recovery and Resolution
Directive, such as Cyprus. They also factor the bank's potential
near term debt issuances.

Positive Outlook

The positive outlook on the long-term deposit and senior unsecured
debt ratings reflects Moody's expectation that NPEs will continue
their downwards trajectory and profitability will strengthen,
supported by the higher interest rate environment.

Moody's expects Hellenic Bank's profitability will benefit from
higher interest rates, given its large balances with the ECB of
around EUR6.9 billion as of June 2022, equivalent to 36% of total
assets, that will reprice immediately following any rises in
interest rates. More gradually, the investment of its large
portfolio of bonds, an additional 24% of assets, will also increase
net interest income as maturing bonds are invested in higher
yielding bonds with a similar credit quality. At the same time,
deposits will reprice slower and by less, given excess liquidity.
Hellenic Bank estimates that net interest income will increase by
more than EUR130 million (or around 0.7% of assets before tax) by
2023 onwards.

The positive outlook on the long-term deposit rating also reflects
a potential higher buffer by more junior instruments, depending on
the bank's potential future debt issuances.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The banks' ratings could be upgraded if they manage to strengthen
their profitability and to further reduce their NPEs and stock of
real estate property, while maintaining solid capital metrics.
Banks' deposit ratings could also benefit from increased clarity
and certainty around banks' potential future debt issuances,
raising the buffers available to absorb losses.

Given the positive outlook, it is unlikely that there will be a
downgrade in the banks' ratings. The positive outlook may be
changed to stable if recent asset quality and overall solvency
improvements are reversed, or if Moody's determines that the
currently expected profitability improvements fail to materialise.

LIST OF AFFECTED RATINGS

Issuer: Bank of Cyprus Holdings Public Ltd Company

Upgrades:

Senior Unsecured Medium-Term Note Program, Upgraded to
(P)B1 from (P)B3

Subordinate Medium-Term Note Program, Upgraded to (P)B2
from (P)B3

Subordinate Regular Bond/Debenture, Upgraded to B2 from B3

Outlook Action:

No Outlook

Issuer: Bank of Cyprus Public Company Limited

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to b1 from b2

Baseline Credit Assessment, Upgraded to b1 from b2

Long-term Counterparty Risk Assessment, Upgraded to Ba1(cr)
  from Ba2(cr)

Long-term Counterparty Risk Ratings, Upgraded to Ba1 from Ba2

Long-term Bank Deposit Ratings, Upgraded to Ba2 from Ba3,
Outlook Remains Positive

Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from
(P)B3

Junior Senior Unsecured Medium-Term Note Program, Upgraded to
(P)B1
  from (P)B3

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 from B3,
  Outlook Remains Positive

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Remains Positive

Issuer: Hellenic Bank Public Company Ltd

Upgrades:

Adjusted Baseline Credit Assessment , Upgraded to b1 from b2

Baseline Credit Assessment , Upgraded to b1 from b2

Long-term Counterparty Risk Assessment, Upgraded to Ba1(cr) from
  Ba2(cr)

Long-term Counterparty Risk Ratings, Upgraded to Ba1 from Ba2

Long-term Bank Deposit Ratings, Upgraded to Ba2 from Ba3, Outlook

Remains Positive

Senior Unsecured Medium-Term Note Program, Upgraded to (P)B1 from
  (P)B3

Junior Senior Unsecured Medium-Term Note Program, Upgraded to
(P)B1
  from (P)B3

Subordinate Medium-Term Note Program, Upgraded to (P)B2 from
(P)B3

Senior Unsecured Regular Bond/Debenture, Upgraded to B1 from B3,
Outlook Remains Positive

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Remains Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.




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C Z E C H   R E P U B L I C
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ALLWYN INTERNATIONAL: Moody's Assigns 'Ba2' CFR, Outlook Stable
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Moody's Investors Service has assigned a Ba2 corporate family
rating and a Ba2-PD probability of default rating to Allwyn
International a.s. The outlook is stable.

The rating action reflects:

-- Allwyn's exposure to the relatively resilient lottery
    segment of the gaming industry, coupled with its
    diversified geographic exposure

-- The successful award of the UK license, which will increase
    diversity and improve Allwyn's business profile

-- Allwyn's moderate leverage and prudent financial policy

-- Its adequate liquidity and conservative cash flow management
    at the holding company level

RATINGS RATIONALE

Allwyn's Ba2 CFR rating reflects its predominant exposure to
lotteries, with high market shares across geographies, providing a
higher resilience of revenues and profitability compared to other
gaming peers. Allwyn's offer is also complemented by scratchcards,
iGaming and sports betting, providing a degree of diversification.
Additionally, the Ba2 CFR also incorporates considerations about
the improvement in the business profile, following the award of the
Fourth UK National Lottery license. The company has a balanced
geographic exposure across four major countries (Czech Republic,
Austria, Greece, and Italy, excluding the newly awarded UK):
although local subsidiaries are not fully owned (with the exception
of the Czech Republic), their proportional contribution to group
revenues is fairly similar. Allwyn operates both through physical
points of sale and online, where Moody's expects to see higher
growth rates. Allwyn's moderate proportional leverage and its
conservative financial policy also support the Ba2 CFR.

Allwyn's rating is constrained by its reliance on external funding,
at the holding level, to finance expansion and on upstreamed
dividends to service debt at the holding company. Moody's believes
dividends paid to shareholders might be significant over time, even
if they will not be regular in nature. Additionally, the Ba2 CFR is
constrained by some uncertainty related to the renewal of few
expiring licenses in three to five years' time.

Moody's expects the company's leverage, measured by proportionally
adjusted gross debt / EBITDA, will range around 3.5x in the next 18
months, significantly improving from 3.9x achieved at December
2021, while retained cash flow / net debt, measured on a
proportional basis, is forecast to remain around 25%-30% in the
same period.

Moody's also acknowledges that the increasing pressure on
consumers' disposable income, following the persistent and broad
inflationary trends, might represent a risk for the company's
revenues, albeit the rating agency recognises that Allwyn's
portfolio has shown a high degree of resilience in the past, with
some benefits coming from lottery's small average tickets size.

LIQUIDITY

Allwyn's adequate liquidity profile is supported by around EUR1.19
billion of cash on balance sheet (on a fully consolidated basis) as
of June 2022 and a total of around EUR600 million available under
the committed revolving credit facilities (RCF) at different
entities within the group, of which EUR243 million at the holding
company. Moody's expects the financial covenants per the committed
RCF and available at the holding level will be amply complied with.
Major cash outflows relate to dividends paid to minorities of
around EUR300 million each year, to acquisitions (including
increased stakes in subsidiaries), as well as minor debt
repayments. Moody's expects debt maturities in 2024 to be
refinanced well in advance.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that
proportionally adjusted gross debt / EBITDA will remain stable in
the next 18 months at around 3.5x. Additionally Moody's expects
liquidity to remain solid and that there will be no debt-financed
acquisitions or distributions leading to a material increase in
leverage. Moody's also expects the holding company to maintain a
positive cash flow generation and to refinance 2024 maturities well
in advance of expiry. The stable outlook also incorporates Moody's
expectations that the regulatory environment will not significantly
change.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure could materialise in the event that the
company shows a consistent track record of reducing leverage, with
an evidenced commitment to conservative financial policies
including maintaining proportionally adjusted gross debt / EBITDA
well below 3.5x on a sustainable basis. At the same time, upward
rating pressure would also require the holding company to generate
strong cash flow generation on a sustainable basis and maintain
strong levels of liquidity to service upcoming debt maturities such
that it moderates dividend and M&A spending when necessary.
Positive rating pressure would also require the company to maintain
positive organic growth, without adverse changes to the regulatory
environment or to concession renewal conditions, and to show a
continuous track record of successful execution and integration of
acquired businesses.

Downward pressure could arise if proportionally adjusted gross debt
/ EBITDA is sustained above 4.5x, or in the event the level of cash
flow generation weakens at the holding company, such that there is
a reduced buffer to adequately service debt. Downward pressure
could also arise if liquidity for the consolidated group weakens or
there is evidence of a less conservative financial policy than
expected, with material debt financed acquisitions and a high level
of recurring dividends. Organic revenue declines, adverse changes
to the regulatory environment or to prospects for license renewals
or execution missteps could, as well, put downward pressure on the
rating.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's considers social risk to be a key rating driver, in line
with Moody's ESG framework. This is due to the highly regulated
nature of the business and the intrinsic risks of changes in the
regulatory environment, which might materially affect the company's
revenues generation and its profitability.

Similarly, Moody's believes governance to be a key rating driver:
the company's prudent financial policy, moderate leverage and good
financial disclosure are partially offset by the substantial
minority ownership of operating subsidiaries and reliance on
upstream dividends to service debt at the holding company level.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Allwyn, headquartered in Prague, is a multinational lottery and
gaming operator active principally in Czech Republic, Italy, Greece
and Cyprus, and Austria. The group reported around EUR1.8 billion
net gaming revenues in 2021 on a fully consolidated basis. The
company is owned by KKCG, an investment group founded by Mr. Karel
Komarek in 1995.




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G E R M A N Y
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STANDARD PROFIL: Moody's Lowers CFR to Caa1, Outlook Remains Neg.
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Moody's Investors Service has downgraded automotive parts supplier
Standard Profil Automotive GmbH's long term corporate family rating
to Caa1 from B3, the probability of default rating to Caa1-PD from
B3-PD and the backed senior secured instrument rating to Caa1 from
B3. The outlook remains negative.

RATINGS RATIONALE

The downgrade of the CFR to Caa1 reflects an extended period of
time in which Standard Profil's operating performance and credit
metrics did not meet the expectation for its previous B3 rating and
Moody's concerns about the speed of Standard Profil's deleveraging
to a more sustainable level, given the increased uncertainty of the
business environment in which the company operates. Standard
Profil's financial leverage reached 14.4x Moody's adjusted
debt/EBITDA in 2021 (17.8x on an LTM 06/22 basis) compared to 13.5x
and 9.7x in 2020 and 2019 respectively, which continues to exceed
the expectations for its previous B3 rating. In addition, the
company has not generated positive Moody's adjusted Free Cash Flow
in the past four years, with the trend deteriorating each year to
EUR64 million of negative free cash flow (FCF) in 2021, driven by
reduced profitability due to supply chain disruptions and rising
raw material costs and high net working capital consumption because
of revenue growth and increased inventory to be covered for supply
chain pressures. In the first six months 2022, Standard Profil was
able to limit cash burn to EUR10 million and Moody's anticipate a
full year negative FCF of around EUR20 million.

Moody's expects some improvements in credit metrics and a
substantial reduction of cash burn in 2022, based on the
expectation of a recovery in EBITDA margins because of the positive
impact from the initiated cost measures as well as substantial
refunds from their customers for the increased raw material prices
and other cost caused by supply chain disruptions. However, the
credit metrics will likely remain below the expectations for the
previous B3 rating through 2023, including Moody's adjusted
EBITA/interest expense above 1.0x and no meaningful positive FCF
generation available to reduce its very high debt load. Moody's
expects the inflationary pressures and supply chain challenges will
likely persist (although to a lesser extent) well into next year
limiting the potential improvements in earnings and reduction of
net working capital.

Historically, Standard Profil did not contract any automatic price
adjustment for moves in its input materials (mainly synthetic
rubber called EPDM). However, the company has now reported having
reached "pain-sharing" or "index-based" agreements covering
substantial parts of its budgeted 2022 sales for the main raw
material components its contracts with the Original Equipment
Manufacturers (OEMs). However, other inflationary cost components
are not covered and need separate negotiations.

The rating is supported by the company's (1) strong position in the
market for automotive sealing solutions in Europe as evidenced by
recent high profile product wins and a solid order book at this
point, (2) its global production footprint in best cost countries
that enables a cost advantage in the labour intensive business, (3)
its vertically integrated business, where the in house production
of tooling leads to lower lead times for new business contracts,
(4) the ongoing trend towards bulkier cars (SUVs) and Electric
Vehicles that is expected to benefit Standard Profil's content per
vehicle and should provide an outperformance compared to Moody's
light vehicle sales expectations, and (5) company's above-average
share in battery electric vehicle (BEV) platforms.

The CFR of Standard Profil remains primarily constrained by the
company's (1) exposure to the cyclicality of the global automotive
industry; (2) a competitive market environment for sealing
solutions with a sizeable number of competitors that does not allow
for meaningful product differentiation, (3) its limited scale and
low profitability, and (4) its high leverage of around 14.4x in
2021 and relatively weak liquidity position.

OUTLOOK

The negative outlook reflects a likelihood that negative free cash
flow due to weak profitability and elevated interest expense could
result in a declining cash balance. Additionally, weakening
macroeconomic environment, a protracted improvement in the auto
industry's supply chain issues along with elevated input costs
could delay improvements in credit metrics and place further stress
on liquidity.

LIQUIDITY

Moody's consider Standard Profil's liquidity to be weak. As of the
end of June 2022, the company's cash balance was EUR38 million. The
company has access to a EUR30 million revolving credit facility
which remained undrawn as of the date of this report. On a regional
level, banks provide bilateral facilities of around EUR24 million,
which are not included in Moody's liquidity assessment due to their
short term nature. There are no major short-term maturities until
2026 when the issued notes are due.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded with the expectation that the
company's liquidity weakens, or that the capital structure is
becoming increasingly unsustainable.

The ratings could be upgraded in case of (1) Moody's-adjusted
debt/EBITDA falling sustainably below 6.5x, (2) positive FCF
generation for a sustained period, leading to an improvement in
liquidity as well as (3) a Moody's-adjusted EBITA margin above 2.0%
on a sustained basis and (4) Moody's-adjusted EBITA/interest
expense improving towards 1.5x on a sustained basis.

ESG CONSIDERATIONS

Standard Profil is owned by private equity group Actera since 2013.
This governance consideration has been included in the ratings
consideration.

STRUCTURAL CONSIDERATIONS

Standard Profil's PDR of Caa1-PD is in line with its Caa1 CFR,
which reflects Moody's typical 50% corporate family rating recovery
assumption for all-senior capital structures. The Caa1 ratings of
the backed senior secured notes are also in line with the CFR,
reflecting the all-senior capital structure. Moody's rank EUR65
million Trade Payables, EUR8 million lease liabilities and EUR7
million pension liabilities in line with the backed senior secured
notes.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Headquartered in Eschborn, Germany, Standard Profil Automotive GmbH
is a tier 1 supplier to the automotive industry. The company is
offering static and dynamic sealing solutions to global automotive
manufacturers. In 2021 the company generated revenues of EUR317
million and a company adjusted normalized EBITDA of EUR45.1
million. Since 2013 the company is owned by Actera, a private
equity firm with offices in Jersey and Turkey.


TAG IMMOBILIEN: Moody's Assigns Ba1 CFR & Alters Outlook to Stable
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Moody's Investors Service has assigned a new long term corporate
family rating of Ba1 to TAG Immobilien AG (TAG or the company). The
company's short-term Issuer and commercial paper rating were
downgraded to Non-Prime (NP) from P-3. The outlook was changed to
stable from ratings under review.

Moody's has withdrawn TAG's long term issuer rating of Baa3
following its downgrade to Ba1, as per the rating agency's practice
for corporates with non-investment-grade ratings.

A combination of factors resulted in the assignment of a Ba1 long
term corporate family rating for TAG. TAG operates in a weaker
operating environment with rising interest rates, reduced access to
debt and equity capital markets, and concerns over property values.
TAG's financial flexibility is reduced in this operating
environment, which makes the company more susceptible to shocks
while working to secure liquidity for 2023 including a repayment of
the bridge facility maturing in early 2024. This is combined with
reduced sales and a less predictable sales outlook for its Polish
residential sales business that TAG acquired early 2022.

RATINGS RATIONALE

The outlook for both the German and the Polish part of TAG's
business has materially weakened over the last few quarters. While
its German residential business operationally performs in line with
expectations, rising interest rates increase marginal funding cost
to the level of TAG's portfolio yield. As a consequence of rising
interest rates, property value declines in Germany are inevitable
in Moody's view. The company will also face reducing fixed charge
coverage. At the same time, the company's Polish business plan
faces challenges from both reduced asset sales that were earmarked
to fund the ramp-up of its rental business, as well as increased
construction and funding cost for this business. Combined with more
difficult access to equity, the ability to successful utilise the
landbank and abilities acquired with ROBGY is uncertain, and
funding risk is higher.

TAG has meaningfully downsized its business plan by largely
stopping any new developments for its build to rent business and
allocating more units to its sales programme in Poland. With the
acquisition of ROBYG in early 2022, TAG's initial business plan
included individual units sales over the next years alongside debt
and equity to fund the further build-up of its build to rent
portfolio. Unit sales in Poland have declined sharply after
inflation has risen and interest rates rose strongly, which has
reduced affordability for home buyers. Cost inflation has so far
been buffered by rising sales prices, pointing to a more
equity-driven buyer base, but the future attractiveness of
residential unit sales remains uncertain. In the long run, owning a
material rental business in Poland has strategic merits and brings
an element of diversification to TAG's business model. The rental
market in Poland is also intact, the influx of refugees had a
positive impact on rental prices in this unregulated residential
market. The challenge is the funding and capital structure that
accompanies a transition to a meaningful income-generating
portfolio in Poland in a higher interest rate environment.

The stable outlook reflects the corrective measures the company has
taken alongside a moderately negative view on the German
residential market. A further unfavourable change to funding
conditions would weaken the outlook for the company.

TAG's financial metrics have weakened with the ROBYG transaction.
The company raised equity and used balance sheet cash to pay down a
first part of the bridge facility used to fund the acquisition.
Anticipated disposals in Germany will also support lower balance
sheet leverage and net debt/EBITDA.

TAG's debt/asset will likely remain around 45% in 2023, which
includes Moody's assumption of up to 10% value declines in the next
12-18 months and largely successful property disposals. This is
also a function of strongly reduced capital spending in TAG's build
to rent portfolio in Poland, which reduces earnings growth but has
a net positive impact on balance sheet leverage.

A key challenge for the entire sector is rising cost of debt. TAG's
fixed charge cover will reduce to 3.2-3.6x compared to 4.2x for the
last twelve months ending June 2022. While the increase in the
marginal cost of debt is material, even when considering cheaper
German mortgage debt, TAG will pay down debt and use German
asset-based funding to support its Polish business. Other
refinancing requirements from its German operations are well spread
over the next years, which means higher interest cost only reduce
fixed charge cover over time.

Net debt/EBITDA will reduce to 13-15x in 2023 from its 16.5x as of
LTM June 2022. Earnings will grow also from anticipated sales in
Poland. Moody's consider the EBITDA from Polish sales in Moody's
projections despite their more risky nature.

LIQUIDITY

The company's liquidity is tight compared to other companies with
investment grade ratings. The company has repaid part of the bridge
facility since the June 2022 reporting date from capital raise
proceeds and existing cash. Proceeds from the capital raise were
lower than initially expected by Moody's, reflecting the reduced
share price and market uncertainty at the time of the issuance. TAG
actively works to secure additional funding that will be required
to refinance both bank debt and unsecured financing until Q2 2023
in particular. The company also processes an active disposal
programme for German residential portfolio, although Moody's
understand a large part of the proceeds are required to further pay
down the bridge facility that expires in early 2024.

Given the substantial development activities in Poland, sales
proceeds and construction cost from its build to sell business are
a material driver of TAG's liquidity profile. 2022 deliveries are
effectively sold and the cash flow risk associated with those
projects is limited. The next 18 months of cash flow requirements
in Poland will depend on the further development of new sales for
2023 deliveries (roughly 60% sold) and 2024 deliveries (largely to
be sold), as well as the cost management associated with those
projects. The company estimates around EUR50-75 million of
liquidity needs for its Polish operations until YE 2023 in addition
to platform cost. Liquidity needs will also arise from a mismatch
of funding for energy cost between what TAG pays to energy
suppliers and what TAG charges to its tenants. Moody's understand
this gap is reduced as tenants are encouraged to make higher
prepayments, but uncertainty exists from tenant's ability to pay
and the timing and shape of government support that Moody's think
will be implemented.

STRUCTURAL CONSIDERATIONS

TAG's CFR references to the majority class of debt, which is
secured debt. Any future unsecured funding may be at or below the
CFR in accordance with Moody's rating methodology for REITs and
Other Commercial Real Estate Firms, September 23, 2022.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

A rating upgrade may occur if:

-- Polish sales volumes increase slightly from current lows
    while retaining their current margins, resulting in positive
    cash flow generation that contributes to a ramp-up of the
    Polish business

-- Uncertainties with respect to pricing in the German
    residential market fade

-- Longer term funding has been secured, including a repayment
    of the bridge facility, and sufficient financial flexibility
    is retained with quality unencumbered property assets.

-- Visibility that fixed charge cover remains above 2.75x
    considering longer term higher interest rates

-- Net debt/EBITDA remains well below mid-teens, and

-- Debt/Asset remains well below 50%

A rating downgrade may occur if

-- The company is unsuccessful to secure its (re)financing
    needs for the 2023 and 2024 maturities and its Polish
    operations

-- The investment market for German residential assets weakens
     materially, raising concerns around further property value
    declines and execution risk for disposals

-- Polish property sales volumes reduce further below current
    run-rate levels or margins reduce materially

-- Fixed charge coverage declines below 2.5x

-- Debt/Assets developing towards 55%

LIST OF AFFECTED RATINGS:

Issuer: TAG Immobilien AG

Assignments:

LT Corporate Family Rating, Assigned Ba1

Downgrades, previously placed on review for downgrade:

ST Issuer Rating, Downgraded to NP from P-3

Commercial Paper, Downgraded to NP from P-3

Withdrawals:

LT Issuer Rating, previously rated Baa3 and placed on review for
downgrade

Outlook Actions:

Outlook, Changed To Stable From Ratings Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.




=============
I R E L A N D
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ALME LOAN V: Moody's Hikes Rating on EUR10.6MM Class F Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by ALME Loan Funding V DAC:

  EUR47,947,000 Class B-1 Senior Secured Floating Rate Notes due
  2031, Upgraded to Aa1 (sf); previously on Jul 23, 2018
  Definitive Rating Assigned Aa2 (sf)

  EUR21,053,000 Class B-2 Senior Secured Floating Rate Notes due
  2031, Upgraded to Aa1 (sf); previously on Jul 23, 2018 Assigned
  Aa2 (sf)

  EUR10,600,000 Class F Senior Secured Deferrable Floating Rate
  Notes due 2031, Upgraded to B1 (sf); previously on Jul 23, 2018
  Definitive Rating Assigned B2 (sf)

Moody's has also affirmed the ratings on the following notes:

  EUR223,000,000 Class A Senior Secured Floating Rate Notes due
  2031, Affirmed Aaa (sf); previously on Jul 23, 2018 Definitive
  Rating Assigned Aaa (sf)

  EUR15,526,000 Class C-1 Senior Secured Deferrable Floating Rate
  Notes due 2031, Affirmed A2 (sf); previously on Jul 23, 2018
  Definitive Rating Assigned A2 (sf)

  EUR9,474,000 Class C-2 Senior Secured Deferrable Floating Rate
  Notes due 2031, Affirmed A2 (sf); previously on Jul 23, 2018
  Assigned A2 (sf)

  EUR19,700,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2031, Affirmed Baa2 (sf); previously on Jul 23, 2018
  Definitive Rating Assigned Baa2 (sf)

  EUR22,700,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2031, Affirmed Ba2 (sf); previously on Jul 23, 2018
  Definitive Rating Assigned Ba2 (sf)

ALME Loan Funding V DAC, issued in June 2016 and refinanced in July
2018 is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Apollo Management International
LLP. The transaction's reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and F notes are primarily
a result of the benefit of the transaction having reached the end
of the reinvestment period in July 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and
higher diversity score than it had assumed at the last review in
April 2022.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR400,729,022

Defaulted Securities: EUR1,272,706

Diversity Score: 53

Weighted Average Rating Factor (WARF): 2827

Weighted Average Life (WAL): 4.58 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.61%

Weighted Average Coupon (WAC): 3.86%

Weighted Average Recovery Rate (WARR): 45.5%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.  Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BLACKROCK EUROPEAN V: Moody's Affirms B2 Rating on EUR12MM F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by BlackRock European CLO V Designated Activity
Company:

EUR42,000,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on May 9, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on May 9, 2018
Definitive Rating Assigned A2 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on May 9, 2018
Definitive Rating Assigned Baa2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR216,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on May 9, 2018 Definitive
Rating Assigned Aaa (sf)

EUR32,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on May 9, 2018 Definitive Rating
Assigned Aaa (sf)

EUR25,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on May 9, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on May 9, 2018
Definitive Rating Assigned B2 (sf)

BlackRock European CLO V Designated Activity Company, issued in May
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Blackrock Investment Management (UK)
Limited. The transaction's reinvestment period will end in October
2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C and D Notes are primarily a
result of the benefit of the shorter period of time remaining
before the end of the reinvestment period in October 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR402.4m

Defaulted Securities: EUR368.3k

Diversity Score: 63

Weighted Average Rating Factor (WARF): 2879

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.8%

Weighted Average Coupon (WAC): 3.0%

Weighted Average Recovery Rate (WARR): 43.8%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Moody's notes that the September 2022 trustee report was published
at the time it was completing its analysis of the August 2022 data.
Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in October 2022, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BROOM HOLDINGS: Moody's Cuts CFR to B2 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
corporate family rating of Broom Holdings BidCo Limited - the
holding company of Beauparc Utilities Holdings Limited - and to B2
from B1 the rating on its senior secured term loan and credit
facilities due 2028. Concurrently, Moody's has downgraded the
probability of default rating to B2-PD from B1-PD. The outlook is
changed to stable from negative.

RATINGS RATIONALE

The rating action follows the confirmation on September 15 by the
Irish Commission for Regulation of Utilities (CRU) that it had
received formal notification from Panda Power – a subsidiary
owned by Broom – that it would exit the gas and electricity
markets in Ireland. It is a voluntary withdrawal from the market
whereby customers will be transferred to the supplier of last
resort. The formal withdrawal occurred on September 30. Whilst the
earnings contribution of Panda Power to the overall group was
overall modest, this energy market exit will reduce Broom's EBITDA
generation at a time when leverage was already high following
acquisitions undertaken earlier this year. In addition, Moody's
notes that Broom (1) is experiencing some cost pressure in its core
waste businesses because of fuel and wage inflation; and (2) has
not been delivering the EBITDA growth expected from various
investment initiatives because of delays in their execution. The
downgrade of Broom's CFR to B2 from B1 reflects that the
combination of these elements will result in a slower deleveraging
than previously expected by Moody's.

Although Panda Power's withdrawal from the Irish energy supply
market will modestly reduce earnings, Moody's views such exit as
broadly neutral for Broom's business profile. The rating agency had
always considered Broom's utility business to carry a higher degree
of business risk than Broom's core waste businesses because it was
reliant on third-party generation and, as such, subject to
volatility in electricity wholesale markets. Moreover, in view of
the current strong volatility in gas and electricity markets, the
company would have had to tie up an increasing amount of money in
working capital with risks of bad debts being on the rise. These
funds can now be deployed to Broom's core waste activities instead.
Over the next 18 months, Moody's expects that Broom will generate
positive free cash flows, however, its magnitude will to some
extent reflect the company's level of capital expenditures. In that
regard, the rating agency notes that a large part of its capex is
discretionary and can be postponed if necessary.

Broom's B2 CFR continues to benefit from (1) its diversification
along the waste value chain and geographic diversification across
Ireland, the UK and, to a lesser extent, the Netherlands; (2) its
leading market position in Ireland waste collection and processing,
with high barriers to entry, as well as a developing regional
market share in the UK's fragmented market; (3) the supportive
regulatory and industry trends where it operates and; (4)
Beauparc's track record of solid and increasing margins.

At the same time, the B2 CFR is constrained by (1) Broom's high
financial leverage with gross debt to EBITDA (as adjusted by
Moody's) of around 6.0x in 2021, with deleveraging dependent on
future earnings growth; (2) the group's small size, with EBITDA of
EUR106 million in 2021; (3) the exposure of commercial waste
collected volumes to cyclical macro-economic conditions, which are
currently deteriorating; (4) a moderate level of waste
internalization; (5) a high level of capital expenditure in the
next 12 to 18 months to drive earnings growth; (6) the risk of
political intervention; and (7) some degree of event risk related
to future M&A operations.

STRUCTURAL CONSIDERATIONS

The B2 ratings on Broom's senior secured term loan and credit
facilities are aligned with the B2 CFR, reflecting that the loan
and facilities are guaranteed by Broom and subsidiaries
representing 80% of consolidated EBITDA.

LIQUIDITY

Moody's expects Broom's liquidity profile to be good over the next
12-18 months, supported by (1) the absence of material debt
maturities and (2) the rating agency's expectation that the company
will generate positive free cash flows over that period. As of June
30, Broom had EUR40 million of cash on its balance sheet. In
addition, the company's EUR120 million Revolving Credit Facility
(RCF) due 2028 was fully undrawn as of July 8.

OUTLOOK

The stable outlook reflects Moody's expectation that Broom will –
in spite of a degree of cost inflation – continue to grow its
EBITDA allowing for its leverage – defined as Moody's adjusted
gross debt/ EBITDA – to remain below 6x.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade the ratings should Broom be successful in
driving further EBITDA growth so that its leverage decreases below
5x on a sustained basis.

Downward pressure could develop should Broom's leverage remain
above 6x for a sustained period of time, or if its liquidity
positioning were to substantially deteriorate.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in April 2018.

Broom Holdings BidCo Limited, headquartered in Dublin, is the
holding company that owns 100% of the shares in Beauparc Utilities
Holdings Limited (Beauparc), an Irish waste management company
involved in the collection and processing of waste in Ireland and
in the UK. In June 2021, Macquarie Infrastructure and Real Assets
(MIRA) announced the acquisition of Beauparc. In 2020, Beauparc
reported revenues of EUR529 million and EBITDA of EUR90 million.

CVC CORDATUS III: Moody's Affirms B2 Rating on EUR13MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by CVC Cordatus Loan Fund III Designated Activity
Company:

EUR19,000,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Aug 28, 2020 Affirmed Aa2
(sf)

EUR16,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Aug 28, 2020 Affirmed Aa2 (sf)

EUR32,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Aug 28, 2020
Affirmed A2 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR250,500,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Aug 28, 2020 Affirmed Aaa
(sf)

EUR20,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Aug 28, 2020 Affirmed Aaa (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Baa2 (sf); previously on Aug 28, 2020
Confirmed at Baa2 (sf)

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Aug 28, 2020
Confirmed at Ba2 (sf)

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Aug 28, 2020
Confirmed at B2 (sf)

CVC Cordatus Loan Fund III Designated Activity Company, issued in
May 2014 and refinanced in December 2016 and June 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
predominantly European senior secured loan and senior secured
bonds. The portfolio is managed by CVC Credit Partners Group
Limited. The transaction's reinvestment period will end in November
2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2 and C Notes are primarily
a result of the short time remaining before the end of the
reinvestment period.

The affirmations on the ratings on the Class A-1, A-2, D, E and F
Notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last review in March 2022.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR434.77M

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3013

Weighted Average Life (WAL): 4.4 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.70%

Weighted Average Coupon (WAC): 4.63%

Weighted Average Recovery Rate (WARR): 43.8%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties using the methodology "Moody's Approach to
Assessing Counterparty Risks in Structured Finance" published in
June 2022. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

  Portfolio amortisation: Once reaching the end of the reinvestment
period in November 2022. The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales or be delayed by an increase
in loan amend-and-extend restructurings. Fast amortisation would
usually benefit the ratings of the notes beginning with the notes
having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


JAMES HARDIE: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service affirmed James Hardie International
Finance Designated Activity Company's Ba1 Corporate Family Rating,
Ba1-PD Probability of Default Rating, and Ba1 ratings on its senior
unsecured notes. The company's SGL-2 Speculative Grade Liquidity
Rating is maintained. The outlook is stable.

The following rating actions were taken:

Affirmations:

Issuer: James Hardie Intl Fin Designated Activity Co.

Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Senior Unsecured Regular Bond/Debenture, Affirmed
Ba1 (LGD4)

Outlook Actions:

Issuer: James Hardie Intl Fin Designated Activity Co.

Outlook, Remains Stable

RATINGS RATIONALE

James Hardie's Ba1 Corporate Family Rating is supported by the
company's: 1) established industry expertise and strong market
position in the fiber cement product category, operating strategy
that focuses on growth and expansion, revenue scale of nearly $4
billion, and global presence across four continents; 2)
conservative financial policies and disciplined balance sheet
management, including a stated long term leverage target for
operation of below 2.0x net debt to EBITDA; 3) strong operating
margins and EBITA to interest coverage metrics; and 4) ability to
produce ongoing robust cash flow from operations.

However, the company's credit profile is constrained by: 1) high
level of capital expenditures targeted on capacity expansions
throughout its regions that are expected to result in negative free
cash flow in the next few years and entail execution risk; 2)
concentration of the majority of revenue in one niche product
category, fiber cement; 3) cyclical residential new construction
and repair & remodeling end markets; and 4) exposure to an asbestos
liability, which is an ESG consideration and the annual obligation
to utilize up to 35% of operating cash flow after deduction of the
prior year's Asbestos Injuries Compensation Fund (AICF)
contribution to fund the liability, which along with dividends also
constrain cash flow.

The stable outlook reflects Moody's expectation that the company
will continue to generate strong operating results and robust
credit metrics given its conservative financial strategies, despite
a weakening in the residential end markets foreseen in the next 12
to 18 months.

The Ba1 rating on James Hardie's senior unsecured notes, at the
same level with Corporate Family Rating, reflects the unsecured
capital structure of the company.

James Hardie's Speculative Grade Liquidity Rating of SGL-2 reflects
Moody's expectations that the company will maintain good liquidity
over the next 12 to 15 months, supported by ample availability
under its revolving credit facility, significant covenant cushion
and availability of alternate sources of liquidity, although
somewhat offset by negative free cash flow generation due to
elevated capex.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company maintains conservative
financial policies, sustains leverage below 2.0x during various
industry cycles along with robust operating margins, and continues
to expand scale. Strong liquidity, including positive free cash
flow generation, manageable asbestos liability, and stable end
market conditions would also be important considerations for an
upgrade.

The ratings could be downgraded if the company changes its
financial policy to be more shareholder friendly or is expected to
sustain debt to EBITDA leverage above 3.0x permanently. Further,
any material negative change in the asbestos liability, protracted
negative free cash flow, or interest coverage sustained below 5.0x
could result in a downgrade.

The principal methodology used in these ratings was Manufacturing
published in September 2021.

James Hardie International Finance Designated Activity Company, a
wholly-owned subsidiary of James Hardie Industries plc, domiciled
in Ireland, is a global manufacturer of fiber cement, fiber gypsum
and cement-bonded building products and systems for internal and
external construction applications. In the last twelve months ended
June 30, 2022, James Hardie Industries plc generated about $3.8
billion in revenue.




=========
I T A L Y
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SESTANTE FINANCE 2005: Moody's Affirms Caa2 Rating on Cl. B Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of the Class C
Notes in Sestante Finance S.r.l., the Class B Notes in Sestante
Finance S.r.l. - Series 2004, and the Class A Notes in Sestante
Finance S.r.l. - Series 2005. These rating actions reflect the
increased levels of credit enhancement for the affected notes as
well as the correction of an input error in our cash flow modelling
of Sestante Finance S.r.l. – Series 2005.

Moody's has affirmed the ratings of other notes in the three
transactions which were not impacted by these factors.

Issuer: Sestante Finance S.r.l.

EUR351.2M A1 Notes, Affirmed Aa3 (sf); previously on Jul 25, 2019
Affirmed Aa3 (sf)

EUR17.2M B Notes, Affirmed Aa3 (sf); previously on Jul 25, 2019
Affirmed Aa3 (sf)

EUR13.4M C Notes, Upgraded to Baa3 (sf); previously on Jul 25,
2019 Downgraded to Ba1 (sf)

Issuer: Sestante Finance S.r.l. - Series 2004

EUR575.3M A Notes, Affirmed Aa3 (sf); previously on Mar 27, 2015
Upgraded to Aa3 (sf)

EUR34.4M B Notes, Upgraded to Baa3 (sf); previously on Mar 27,
2015 Upgraded to Ba1 (sf)

EUR15.6M C1 Notes, Affirmed Caa2 (sf); previously on Jul 8, 2013
Confirmed at Caa2 (sf)

Issuer: Sestante Finance S.r.l. - Series 2005

EUR791.9M A Notes, Upgraded to Aa3 (sf); previously on Oct 25,
2018 Downgraded to Baa2 (sf)

EUR47.4M B Notes, Affirmed Caa2 (sf); previously on Oct 25, 2018
Affirmed Caa2 (sf)

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action on Sestante Finance S.r.l. - Series 2005 is
prompted by the discovery of a prior error in Moody's cashflow
modeling related to the cumulative default rate triggers deferring
the payment of Class C1, C2 and B interest when breached. In prior
rating actions, Moody's cashflow modeling did not include such
triggers and incorrectly assumed Class C1 and C2 interest payments
in a position senior to the principal deficiency ledger, whereas
the trigger has been breached since October 2017. Class B interest
deferral trigger is not breached as of the however cumulative
default ratio of 14.51% is close to the trigger level of 16%.
Reflecting the correct priorities of payment in relation to the
interest deferral triggers has a significant positive impact on the
rating of the Class A Notes.

Moody's has also corrected an input error in the modelling of
commingling risk for the three deals: Sestante Finance S.r.l,
Sestante Finance S.r.l. – Series 2004 and Sestante Finance S.r.l.
– Series 2005. In prior rating actions, commingling risk in
relation to the servicers Italfondiario S.p.a. and Dovalue S.p.a.
was incorrectly assumed, while commingling risk is in fact fully
mitigated by the direct payment of the borrowers into the Issuer
collections account held with BPER Banca S.p.a. as collection
account bank. The rating actions appropriately reflect the absence
of commingling risk.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available to certain notes in these transactions.

For the Class C Notes of Sestante Finance S.r.l. upgraded in the
action, the credit enhancement increased to 14.92% from 8.38% since
the last rating action in July 2019.

For the Class B Notes of Sestante Finance S.r.l. – Series 2004
upgraded in the action, the credit enhancement increased to 17.18%
from 12.99% since the last rating action in March 2015.

For the Class A Notes of Sestante Finance S.r.l. – Series 2005
upgraded in the action, the credit enhancement increased to 29.09%
from 20.99% since the last rating action in October 2018.

The MILAN CE assumption and the ELOB assumptions have been
maintained for all the transactions.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The portfolio backing Sestante Finance S.r.l. has seen significant
reduction in 60 days plus arrears currently standing at 2.98% of
the current pool balance compared to 6.33% a year ago. Cumulative
defaults have increased to 10.23% of original pool balance compared
to 9.79% a year ago.

The portfolio backing Sestante Finance S.r.l. – Series 2004 has
seen significant reduction in 60 days plus arrears currently
standing at 3.06% of the current pool balance compared to 8.67% a
year ago. Cumulative defaults have increased to 12.27% of original
pool balance compared to 11.69% a year ago.

The portfolio backing Sestante Finance S.r.l. – Series 2005 has
seen significant reduction in 60 days plus arrears currently
standing at 4.15% of the current pool balance compared to 8.42% a
year ago. Cumulative defaults have increased to 13.96% of original
pool balance compared to 13.18% a year ago.

Moody's maintained the expected loss assumption for Sestante
Finance S.r.l., Sestante Finance S.r.l. – Series 2004, and
Sestante Finance S.r.l. – Series 2005 at 8.30%, 10.00%, and
11.50%, respectively, as a percentage of original pool balance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the Sestante Finance
S.r.l., Sestante Finance S.r.l. – Series 2004, and Sestante
Finance S.r.l. – Series 2005  MILAN CE assumption   at 22.00%,
24.50% and 24.50%, respectively.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) a decrease in sovereign risk;  (2) performance
of the underlying collateral that is better than Moody's expected;
(3) an increase in the Notes available credit enhancement; and (4)
improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.




=====================
N E T H E R L A N D S
=====================

TRIVIUM PACKAGING: Moody's Affirms B3 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Trivium Packaging
B.V. ("Trivium" or "the company"). Trivium is a leading supplier of
metal packaging solutions.  

Concurrently, Moody's has affirmed the B2 rating on the $2,068
million equivalent backed fixed and floating rate senior secured
notes due 2026 and the Caa2 rating on the $700 backed senior
unsecured notes due 2027, both issued by Trivium Packaging Finance
B.V., a subsidiary of Trivium. The outlook on all entities remains
stable.

"The rating affirmation reflects the company's good operating
performance supported by the progress made in its transformation
plan, and the improved credit metrics since initial rating
assignment that position Trivium more strongly in the B3 rating
category," says Donatella Maso, a Moody's Vice President–Senior
Credit Officer and lead analyst for Trivium.

"However, the rating also factors in the more uncertain
macroeconomic environment and the potential for weaker
profitability in 2023 as the positive effects of the inventory
revaluation in 2022 are unlikely to be repeated," added Ms. Maso.

RATINGS RATIONALE

In the first six months of 2022, Trivium nearly doubled its EBITDA
leading to an improvement in the company's credit metrics,
including its EBITDA margin and its Moody's adjusted leverage. The
latter fell to around 5.7x as of June 2022 from 8.4x in 2021, which
is well below the 6.5x leverage threshold that would indicate
upward pressure on the current B3 rating.

EBITDA growth was supported by a combination of prices increases
and cost savings associated with the company's transformation plan.
However, a large part of the EBITDA growth was driven by inventory
revaluation, which is considered to be one-off in nature.

Volumes remained stable compared to the same period of 2021, with
some categories such as aerosol outperforming year-over-year and
other such as paint and coatings suffering from lower DIY activity
post pandemic.

Moody's expects Trivium's EBITDA and credit metrics to remain
strong in 2022 reflecting its first half operating performance, but
to weaken in 2023. The positive effects of the inventory
revaluation in 2022 are unlikely to be repeated in 2023, while
there are risks associated with the uncertain evolution of gas and
electricity prices over the next 12 months because the company has
so far only hedged a portion of its energy needs for 2023.

Given its main footprint in Europe, the company is also exposed to
risks concerning potential supply shortages of energy and other key
raw materials. These challenges will be partly mitigated by the
ongoing benefits from the transformation plan and a relatively
resilient demand for its products in a recessionary environment. As
a result, the rating agency expects that Trivium's EBITDA (as
adjusted by Moody's) will decrease in 2023 from $586 million at the
end of June 2022 and its leverage will increase to around 6.9x from
5.7x.

Despite the execution of the transformation plan required a certain
amount of restructuring costs, Moody's expects these to reduce over
time. That said, the company was able to generate positive free
cash flow (FCF) in 2021 and is expected to continue to do so over
the next couple of years.

The B3 CFR reflects the commoditised nature of most of Trivium's
products; limited organic growth prospects because of its presence
in mature end-markets; the company's relatively concentrated
customer base, which has exhibited consolidation trends
historically, mitigated by its long-standing relationships and
multiyear supply agreements; and its exposure to fluctuations in
raw materials (primarily aluminium and steel) and input prices,
partly offset by the presence of contractual pass through clauses
in the majority of the contracts, as well as in currencies.

The B3 rating remains supported by the company's large scale in the
relatively consolidated non-beverage can metal packaging industry;
its leading market positions of number one or two in substantially
all the sub-segments of this industry in most of the geographies
where it operates; and its geographically diversified and
well-invested footprint.

LIQUIDITY

Moody's views Trivium's liquidity profile as adequate over the next
12 to 18 months. Its liquidity is supported by $74 million of cash
on balance sheet as of June 2022, and $311 million availability
under its five-year $330 million asset-based loan (ABL) facility
due 2027 (borrowing base of $290 million). These sources are
considered sufficient to cover seasonal fluctuations in working
capital, capital spending for projects in faster-growing areas such
as nutrition and aluminium aerosol cans, and transformation costs,
while there is no mandatory debt amortisation until 2026.

The ABL facility includes a minimum fixed coverage ratio of 1.0x,
which will be tested on a quarterly basis when its availability
reduces below 10%.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR rating is aligned with the CFR based on a 50% family
recovery rate, as is typical for transactions including both bonds
and bank debt. The B2 instrument rating of the backed senior
secured notes is one notch above the CFR reflecting the presence of
subordinated debt in the capital structure. Accordingly, the backed
senior unsecured notes are rated Caa2.

The backed notes, both senior secured and senior unsecured, are
guaranteed by material subsidiaries representing at least 60% of
total assets, total revenues and adjusted EBITDA. The backed senior
secured notes are secured by a first priority lien on all non ABL
collateral mainly consisting of stocks and assets and by a second
priority lien on the ABL collateral.

RATIONALE FOR THE STABLE OUTLOOK

The rating is strongly positioned in the B3 rating category and the
stable outlook reflects Moody's expectations that Trivium's
operating performance will be broadly resilient in an uncertain
macroeconomic environment, while it will continue to deliver on the
cost savings from the transformation plan.

The outlook also incorporates Moody's assumption that the company
will maintain a stable customer base, will continue to generate
positive free cash flow and will maintain an adequate liquidity
profile.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive pressure on the rating could arise from sustained EBITDA
growth, such that Trivium's Moody's adjusted debt/EBITDA remains
below 6.5x, along with positive FCF, on a sustained basis.

Negative pressure on the rating could arise if the company's
operating performance deteriorates, Moody's-adjusted leverage
increases above 8.0x, FCF turns negative or liquidity weakens.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Trivium Packaging B.V.

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Issuer: Trivium Packaging Finance B.V.

BACKED Senior Secured Regular Bond/Debenture, Affirmed B2

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Caa2

Outlook Actions:

Issuer: Trivium Packaging B.V.

Outlook, Remains Stable

Issuer: Trivium Packaging Finance B.V.

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Trivium is a leading supplier of infinitely-recyclable metal
packaging solutions. Its products mainly include metal packaging in
the form of cans and aerosol containers, and serve a broad range of
end use markets including food, personal care and homecare. In
2021, Trivium had 52 facilities, located in 21 countries and had
approximately 7,450 employees. For the last twelve months ending
June 30, 2022, the company generated revenue of $3 billion and
EBITDA of $586 million as adjusted by Moody's.

Trivium is majority owned by an entity controlled by Ontario
Teachers Pension Plan (OTPP) with a 58% share, while Ardagh Group
S.A. holds the remaining 42%.




===========
P O L A N D
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CYFROWY POLSAT: Moody's Lowers CFR to Ba3 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba1 the
corporate family rating and to Ba3-PD from Ba1-PD the probability
of default rating of Cyfrowy Polsat S.A. ("Polsat" or "the
company"), a leading media and telecom company in Poland. The
outlook has changed to negative from ratings under review.

This rating action concludes the ratings review process initiated
on December 23, 2021, following Polsat's decision to relax its
financial policy in order to accommodate investments in the energy
and real estate sectors.

"The downgrade to Ba3 reflects the deterioration in Polsat's credit
metrics resulting from the combination of underperformance due to
increased operating costs and lower earnings in the media segment,
coupled with a more aggressive financial policy to support
investments in new areas such as renewable energy and real estate,
where the group has limited experience," says Ernesto Bisagno, a
Moody's Vice President-Senior Credit Officer and lead analyst for
Polsat.

"The negative outlook takes into account the company's weakened
liquidity owing to upcoming spectrum payments and an approaching
debt maturity wall in 2024, at a time of higher funding costs and
increased market volatility," added Mr Bisagno.

RATINGS RATIONALE

In December 2021, Polsat announced its plan to invest in the
renewable energy and real estate industries through the acquisition
of a 67% stake in PAK Polska Czysta Energia sp. z o.o. ("PAK") and
in Port Praski Sp. z o.o. ("Port Praski"). The acquisition of Port
Praski closed in the first half of 2022 for c. PLN400 million,
while the acquisition of PAK will be completed  in Q1 2023 at a
cost of PLN807 million (PLN479 million already paid in H1 2022).
Following the acquisition of PAK, Polsat aims to invest PLN5
billion in order to achieve a total of 1,000 MW of clean energy
generation capacity, and PLN500 million in green hydrogen
technologies.

Moody's has downgraded Polsat's rating because of the deterioration
in the company's credit metrics following the decline in EBITDA
owing to the impact of high inflation, increased costs following
the sale of towers, a challenging competitive environment in the
Polish telecom market, and lower media revenues due to the economic
slowdown. The former Ba1 rating was premised on an expectation of
deleveraging, which will no longer happen given the company's
recent change in financial policies and strategy. Moody's now
expects that Polsat's Moody's adjusted debt to EBITDA will increase
towards 3.3x in 2022, after including the impact of the PLN1.2
billion spectrum payment.

Because of the weakened market conditions, the company continues to
assess the funding of future projects in the energy business, which
has helped Polsat to maintain positive free cash flow generation
(excluding the tax payment owed on the PLN7.1 billion proceeds
received in 2021 from the tower disposal). However, Moody's expects
leverage to remain elevated over 2023-2024 at around 3.5x because
of potential for additional earnings decline, and the investments
in renewable energy. Leverage could be higher if Polsat does not
manage to stabilize earnings in its core telecom and media
segments. However, the company will be able to offset higher prices
in 2023 thanks to existing generation capacity at PAK with about
200 MW fully operating by end of 2023.

Moody's notes the increased execution risk associated with the PAK
and Port Praski acquisitions, as Polsat is entering new businesses
such as energy and real estate where it has limited prior
experience. This risk is mitigated by the need for increased
renewable energy capacity in Poland, which is incentivised by a
contract-for-difference support scheme, set up and funded by the
government. Renewable installations, which are awarded a support
contract by way of an auction, receive subsidies for up to 15
years, which provides additional earnings visibility.

In addition, based on the current energy prices, there could be
significant upside potential to the guidance provided in December
2021 whereby the energy business should generate PLN500
million-PLN600 million of incremental recurring EBITDA by 2026.
However, that would also depend on the company's ability to fund
the PLN 5 billion capex programme.

The Ba3 rating reflects (1) Polsat market-leading positions in
pay-TV, online video, and fixed and mobile telephony and broadband
services; (2) the benefits of being an integrated media and
telecommunications group with a fully convergent commercial
proposition; and (3) the increased contribution from the energy
segment which will help to offset higher energy costs. Polsat's
rating is constrained by (1) the company's increased leverage
tolerance, (2) weakened profitability with Polsat's Moody's
adjusted EBITDA margin showing a declining trend since 2017; (3)
the weakened liquidity and the lower interest coverage ratio due to
a significant increase in interest expenses; (4) the lack of
geographical diversification, and (5) the exposure to the
competitive dynamics in Polish market.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's has factored into its decision the corporate governance
considerations associated with the company's financial strategy and
risk management, management credibility and track record,
organizational structure and board structure.

Polsat is shifting its strategic focus to new areas where it has
limited expertise, while it has relaxed its financial policy
targets. In addition, the company paid to shareholders (through a
PLN2.9 billion buyback programme) a large part of the PLN7.1
billion (gross of 19% tax rate) received from the disposal of
Polkomtel Infrastruktura sp. z o.o. ("NetCo"), which reduced
financial flexibility at a time of increased uncertainty given the
weakened economic conditions and the higher interest rates. The
acquisitions will also increase complexity, as Polsat will be fully
consolidating entities that will not be fully owned. In addition,
the acquisition of PAK is a related-party transaction that
increases  governance risks, as the 67% stake in PAK is sold by ZE
PAK S.A., which is 66% owned by Mr Zygmunt Solorz, Polsat's
controlling shareholder. Additional governance considerations
reflect the low independence of the board due to the concentrated
ownership.

As a result, Moody's has changed its assessment of the company's
Financial Strategy and Risk Management to 3 from 2, Management
Credibility and Track Record to 4 from 3, the Organizational
Structure to 3 from 2, the Board Structure and Policies to 4 from
3, and the overall exposure to governance risks (Issuer Profile
Score or "IPS") to highly negative (G-4) from moderately negative
(G-3). Moody's has also changed Polsat's ESG Credit Impact Score to
highly negative (CIS-4) from moderately negative (CIS-3),
reflecting revised governance considerations which, despite better
scores in the environmental (E-2) and social (S-3) categories, have
a discernible negative impact on the current rating.

LIQUIDITY

Polsat's liquidity has weakened  due to a combination of
significant shareholder distributions and M&A activity. As of June
30, 2022, Polsat had pro-forma cash of around PLN1.9 billion
(including PLN600 million proceeds from the disposal of the
non-core 10% stake in Modivo to complete in the second half). In Q4
2022, Polsat will pay around PLN 1.2 billion for the renewal of its
spectrum.

The company has access to a PLN1.0 billion revolving credit
facility available until September 2024 (fully unutilized at June
30, 2022), which includes maintenance financial covenants of 3.8x
for secured leverage (1.1x at June 2022), 4.5x for total leverage
(1.39x at June 2022 or 2.8x excluding gain on disposal) and 1.1x
for debt service cover (3.6x at June 2022).

Moody's expects the company to generate free cash flow (after
shareholder distributions) of around PLN 350 million over the next
12-months (excluding EBITDA contribution and capex from the energy
business which Moody's treats as non-committed investments).
However, the company will have to repay PLN800 million of debt each
year and has a significant refinancing wall in September 2024, when
about PLN6.2 billion of senior debt matures.

While the existing liquidity sources provide some flexibility to
cover cash uses in the second half of 2022, the company will have
to draw on its revolving credit facility and will need additional
sources to cover its funding needs in the second part of 2023.
Moody's expects the company to pro-actively address the funding
requirements in the near term.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the company's weakened liquidity due
to a combination of significant shareholder distributions and M&A
activity at the time of higher funding costs and increased market
volatility. The negative outlook also reflects weakened operating
performance with potential for a decline in earnings in 2023.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward rating pressure is unlikely given the deterioration in
credit metrics and the weakened liquidity profile. However, over
time it could develop if operating performance improves such that
Polsat's Moody's adjusted debt/EBITDA declines below 3.0x, and its
retained cash flow (RCF)/gross debt remains consistently above
25%.

The company is weakly positioned in the rating category and further
downward pressure could develop if Polsat fails to address the
funding requirements in the near term or if its operating
performance deteriorates further, with Moody's adjusted debt/EBITDA
rising sustainably above 4.0x, and retained cash flow/debt
remaining consistently below 15% with sustained negative FCF.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Cyfrowy Polsat S.A.

Probability of Default Rating, Downgraded to Ba3-PD from Ba1-PD

LT Corporate Family Rating, Downgraded to Ba3 from Ba1

Outlook Actions:

Issuer: Cyfrowy Polsat S.A.

Outlook, Changed To Negative From Ratings Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in September 2022.

COMPANY PROFILE

Polsat is one of Poland's largest companies and one of the leading
media and telecom groups in the Central and Eastern European
region. Polsat is the largest pay-TV provider in Poland and one of
the leading satellite platforms in Europe, one of Poland's leading
content producers and private broadcasters in terms of both
audience and advertising market shares and one of the four largest
telecommunication operators in Poland offering fixed and mobile
broadband in fiber/LTE/5G. In 2021, Polsat reported consolidated
revenue of PLN12.4 billion and EBITDA of PLN4 billion.


GETIN NOBLE: Moody's Withdraws 'Caa1' Deposit Ratings
-----------------------------------------------------
Moody's Investors Service has withdrawn the Caa1/Not-Prime deposit
ratings of Poland's Getin Noble Bank S.A. The agency has also
withdrawn the bank's ca Baseline Credit Assessment (BCA) and
Adjusted BCA, the bank's B2(cr)/Not-Prime(cr) Counterparty Risk
Assessments (CRAs) and its B2/Not-Prime Counterparty Risk Ratings
(CRRs). The outlook for the long-term deposit ratings was negative
at the time of withdrawal.

The rating actions follow the announcement on September 30, 2022 by
the Bank Guarantee Fund (BFG, the Polish resolution authority) of
resolution actions being taken on Getin.

RATINGS RATIONALE

The withdrawal of Getin's ratings is due to the bank's
reorganization and follows the BFG's announcement [1] that all of
Getin's deposits  amounting to PLN39.5 billion, including PLN3.5
billion of uncovered deposits that could not be paid out under the
BFG guarantee in the event of bankruptcy, will be transferred to a
newly established bank that will ultimately be named VeloBank S.A.,
which will be owned 49% by the Commercial Banks Protection System
established by the eight largest Polish banks and 51% by the BFG.
Most of Getin's assets excluding mainly the bank's loans
denominated or indexed in foreign currencies will also be
transferred to VeloBank S.A.

These resolution actions have been approved by the European
Commission on October 1, 2022 [2] and were not considered to
incorporate unlawful state aid.




===============
P O R T U G A L
===============

EMPRESA DE ELECTRICIDADE: Moody's Alters Outlook on B1 CFR to Pos.
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on EEM - Empresa
de Electricidade da Madeira, S.A. (EEM) to positive from stable.
Concurrently, Moody's has affirmed the company's long-term
corporate family rating at B1 and the standalone Baseline Credit
Assessment (BCA) of b1.

RATINGS RATIONALE

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on EEM reflects the improvement of credit
metrics supported notably by successful achievement of operational
efficiencies in the context of moderate investments, over the
recent past (2019-21). In particular, it takes into account the
potential for FFO/debt to remain sustainably above 10%, in line
with current upgrade guidance, assuming that the company is able to
maintain operating performance and recover its costs. The positive
outlook also reflects the broad continuity in the regulatory
determination in December 2021 related to the approach to allowed
remuneration – now skewed to the upside - and operating
efficiencies – with efficiency objectives slightly less demanding
versus the previous period.

RATIONALE FOR RATING AFFIRMATION

Affirmation of the B1 corporate family rating reflects Moody's
unchanged view of the BCA at b1. This assessment reflects as
positives: (1) the company's position as the dominant vertically
integrated utility in the Autonomous Region of Madeira (Regiao
Autonoma da Madeira or RAM, Ba3 stable); (2) the fully regulated
nature of the company's activities in the context of a relatively
well-established and transparent regulatory framework; and (3)
Moody's expectation that EEM's cash flows and EU grants during the
current regulatory period should accommodate its capital investment
plan and dividend payments.

Financial performance may weaken in 2022-23, as a result of
increasing fuel oil and gas costs. However, the company benefits
from the fully regulated nature of its activities and the
difference between actual and allowed revenues under its regulatory
framework will be recovered, albeit with a two-year lag.

Credit quality is constrained by: (1) the small scale of the
company and its relatively sizeable investment plan to increase the
share of power output from renewable sources; (2) the costs and
challenges associated with operating in a small, relatively remote,
archipelago; (3) ongoing efficiency challenges included in the
regulatory settlement for the 2022-25 period; and (4) the company's
high leverage and reliance on short-term credit facilities.

Given its ownership, Moody's considers EEM a government-related
issuer and rates the company under its Government-Related Issuers
Methodology, published in February 2020. Under this methodology and
under Moody's High default dependence and Low support assumptions,
the RAM's Ba3 rating does not provide any rating uplift to EEM's
standalone credit quality or BCA of b1.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

EEM's rating could be upgraded if the rating of the RAM was
upgraded, or the company appeared likely to maintain FFO/debt
sustainably in the low double digits in percentage terms in the
context of its large capital investment program, regulatory targets
and evolving macroeconomic conditions.

The rating could be downgraded if: (1) EEM's credit profile
weakened such that FFO/ debt deteriorated below the high single
digits; (2) there were a deterioration in the company's liquidity
position.

EEM is the dominant vertically integrated utility in Madeira, 100%
owned by the Autonomous Region of Madeira. In the year to December
2021, the company's consolidated revenues and EBITDA amounted to
EUR201 million and EUR59.6 million respectively.

The methodologies used in these ratings were Regulated Electric and
Gas Utilities published in June 2017.



=========
S P A I N
=========

TENDAM BRANDS: Moody's Affirms 'B1' CFR on Refinancing
------------------------------------------------------
Moody's Investors Service has affirmed Spanish apparel retailer
Tendam Brands S.A.U.'s B1 corporate family rating and its B1-PD
probability of default rating. Concurrently, Moody's has assigned a
B2 rating to the proposed EUR300 million backed senior secured
floating rate notes due 2028, to be issued by Tendam Brands S.A.U.
The outlook remains stable.

The proceeds from the proposed issuance will be used to (1) repay
the existing senior secured notes due September 2024; and (2) pay
transaction fees and related costs.

Concurrently, Moody's has affirmed the existing B2 rating of the
existing senior secured notes due 2024, issued by Tendam Brands
S.A.U. This senior secured instrument's rating will be withdrawn
once the proposed refinancing transaction will close.

RATINGS RATIONALE

The rating action is primarily driven by Tendam's good recovery in
its key credit metrics, with sales and EBITDA recovering to
pre-crisis levels, as witnessed during recent quarters. This
improvement in credit metrics and liquidity also reflects the
company's good operational execution in the last 12 months,
together with more normalized trading conditions following the
pandemic and related store lockdowns during 2020/21. In the 12
months to August 31, 2022, the company's EBITDA (as adjusted by the
company, pre-IFRS 16) improved to around EUR162 million, compared
to EUR100.3 million during the same period in 2021, and in line
with pre-pandemic level of fiscal 2019 (year ended February 2020).

Pro forma the proposed refinancing transaction, Tendam's gross
leverage will be at around 2.7x at the end of August 2022, which
would position Tendam very strongly in the B1 rating category.
Moody's positively views the debt reduction as part of the proposed
transaction, of around EUR100 million, which demonstrates the
company's balanced financial policy, with a good track record of
debt reduction historically.  

However, Moody's expects Tendam's key credit metrics to slightly
deteriorate in the next 12-18 months owing to persistent
inflationary pressures and weak consumer sentiment in Europe, which
will translate into a leverage hovering around 3.0x in the next
12-18 months. This level nevertheless remains very strong for the
rating category, and Moody's believes that Tendam has ample leeway
in its rating category to absorb a deterioration in earnings due to
recession risks. Also, Moody's believes that the company's recent
strategic initiatives should help offsetting the impact of
potential weaker sales growth and inflation in operational costs.
In particular, the company should benefit from cost cutting
initiatives, notably a reduction in store count in the last 2 years
(171 stores closure between 2020 and 2022), which has reduced its
operating leverage. The company also continues to (i) strengthens
its digital capabilities, leveraging its large customer base, (ii)
has launched new brands, and (iii) continues to develop its online
marketplace. Importantly, the company benefits from a good
profitability historically in comparison with peers, reflecting
good omnichannel infrastructure, its good digital capabilities and
its agile supply chain.

Tendam's B1 CFR also reflects (i) the company's solid track record
of earnings growth and positive free cash flow (FCF) generation;
(ii) its strong brand awareness and differentiated market position
in the Spanish apparel market; (iii) above-peer EBITDA
profitability, underpinned by an efficient supply chain and a
successful omnichannel distribution model; and (iv) its adequate
liquidity and balanced financial policy historically.

However, the rating is constrained by (i) the company's exposure to
fashion risk, discretionary spending, and the cyclical nature of
the industry; (ii) its high dependency on the competitive and
highly fragmented Spanish apparel market; and (iii) exposure to a
high inflationary environment and supply chain challenges, albeit
gradually normalising recently, which might adversely impact the
company's sales and earnings in the next 12 to 18 months.

LIQUIDITY

Pro forma the proposed transaction, Tendam's liquidity is adequate.
Tendam's liquidity is supported by: (1) an initial cash balance of
at least EUR40 million, net of original issue discount (OID) fees;
(2) access to an undrawn EUR174 million revolving credit facility
(RCF); and (3) Moody's expectations of positive FCF over the next
12-18 months. Given the ongoing inflationary challenges and weak
macro prospects, Moody's expects FCF to be slightly lower than
historically in the next 12-18 months, albeit still positive,
ranging between EUR20 million and EUR50 million per year.

The company does not have any short term debt maturities, with the
new RCF and term loan being due in 2027. The proposed backed senior
secured notes will mature in 2028.

STABLE OUTLOOK

The stable outlook reflects Moody's view that Tendam's
profitability and key credit metrics will remain broadly stable
despite the high inflation environment, supported by cost savings
initiatives achieved in 2020-21 and thanks to a growing
contribution from the online segment and the company's new brands.
The stable outlook also incorporates Moody's expectations that
Tendam will generate positive FCF and will maintain at least an
adequate liquidity profile.

STRUCTURAL CONSIDERATIONS

The B2 rating on the new EUR300 million backed senior secured notes
due 2028 is one notch below the CFR. This notching is explained by
the relatively larger amount of priority liabilities, including the
EUR174 million super senior RCF that rank ahead of the backed
senior secured notes. The backed senior secured notes are also
structurally subordinated to Tendam's non-debt liabilities,
including sizeable trade payables of around EUR240 million. The
backed senior secured bond is secured by certain share pledges,
intercompany receivables and bank accounts. The backed senior
secured bond will only be guaranteed by Tendam Fashion, S.L.U., an
intermediate holding company, which does not generate material
revenues and earnings.

The company's probability of default rating (PDR) of B1-PD is in
line with the CFR. The PDR reflects the use of a 50% family
recovery rate resulting from a capital structure comprising senior
secured bonds, a super senior RCF and a term loan.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Overtime, positive pressure could develop if the company generates
sustained LFL revenue growth, EBITDA and margin improvement, and
continues reducing its debt such that Moody's-adjusted gross
debt/EBITDA is sustainably maintained below 3.0x and EBIT/interest
expense approaches 3.0x. An upgrade would also require the
maintenance of positive FCF and good liquidity.

Conversely, Moody's could downgrade Tendam's ratings if the
company's operating performance declines (as a result of negative
like-for-like sales growth or material decrease in profit margins).
Similarly, Moody's could also downgrade the ratings if Tendam were
unable to maintain adequate liquidity or its financial policy
became more aggressive, with FCF turning negative, such that
adjusted debt/EBITDA remained above 4.0x on a sustainable basis or
adjusted EBIT/interest expense fell sustainably below 2.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

Tendam Brands S.A.U. (Tendam), headquartered in Madrid, Spain, is
an international apparel retailer with presence in more than 80
countries worldwide, although with a predominant presence in Spain,
Portugal, France, Belgium, Mexico and the Balkans. The company
designs, sources, markets, sells and distributes fashionable
premium apparel for men and women at affordable prices. The company
currently operates several complementary brands, including (1)
Women'secret; (2) Springfield; (3) Cortefiel; (4) Pedro del Hierro
(PdH); (5) the outlet brand Fifty; and the recently launched brands
(6) Hoss Intropia; (7) Slow Love; and (8) High Spirits. In the 12
months to May 31, 2022, the company reported revenue and EBITDA
(company adjusted, pre-IFRS 16) of EUR1.1 billion and EUR161
million, respectively.


TIMBER SERVICIOS: Moody's Alters Outlook on 'B2' CFR to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Timber Servicios Empresariales,
S.A.'s (Altadia or the company) B2 corporate family rating and
B2-PD probability of default rating. Concurrently Moody's affirmed
the B2 ratings for the EUR1,200 million senior secured term loan B
(TLB) and the EUR175 million senior secured revolving credit
facility (RCF). Moody's changed the outlook to negative from
stable.

RATINGS RATIONALE

The negative outlook reflects expectations that softer end market
demand will delay Altadia's deleveraging trajectory compared with
Moody's previous estimates. Demand for Altadia's products is
directly linked to the production volumes of ceramic tiles, which,
in turn, are driven by overall construction activity. Furthermore,
the production of ceramic tiles is natural gas-intensive. As such,
Moody's expects the energy crisis in Europe, where Altadia
generates the majority of its sales, along with high inflation and
higher interest rates, to reduce demand for its products in 2023,
pressuring earnings. Moody's expects Altadia's gross leverage,
estimated at around 6.7x for the last twelve months ended June 2022
(as adjusted and defined by Moody's), to remain above 6x over the
next 12-18 months.

Nevertheless, Moody's expects Altadia's cost structure to decline
with the realisation of synergies from the Rocher integration, at
least partly offsetting lower expected volumes over the next 12
months. The company uses natural gas for its kilns in the
production process, which it cannot substitute in the short term,
although it benefits from hedges on some of its natural gas
exposure in Europe at a favourable price compared to current
European market prices.

Altadia has a global manufacturing footprint and can to some extent
relocate its European production, primarily located in Spain, to
other countries with lower energy costs.

The rating affirmation reflects the company's strong global market
positions in its product segments; good profitability; good
liquidity profile supported by its undrawn EUR175 million RCF; and
experienced management team.

NEGATIVE OUTLOOK

The negative outlook on Altadia's B2 rating highlights increased
risks of production cuts at Altadia's or its customers' production
sites as a result of sustained high energy costs or potential
energy supply disruptions, which would likely result in credit
metrics weaker than expected for its B2 rating over the next 12 to
18 months. The current rating does not assume a material
deterioration of the liquidity profile.

LIQUIDITY

Altadia has good liquidity. As of the end of June 2022, the company
had around EUR61 million of cash on balance and access to an
undrawn EUR175 million RCF. In combination with forecast funds from
operations, these sources are sufficient to cover capital spending
and day-to-day cash needs. Altadia also has access to other credit
lines to manage working capital swings, which it used to fund
higher working capital in the first half of 2022. Most of these
lines are committed for a short-term horizon. In a downturn,
Moody's expects working capital usage to decline, resulting in a
lower utilization of the working capital facilities.

ESG CONSIDERATIONS

Moody's views the chemical industry as being exposed to very high
environmental risks. Chemical companies mainly face risks related
to water and soil leaks during the production, storage or
distribution process. Furthermore, new research findings or changes
in regulation on environmental costs could increase costs or hurt
revenue.

Moody's governance assessment for Altadia incorporates its highly
leveraged capital structure, reflecting high risk tolerance of its
private equity owners. The private equity business model typically
involves an aggressive financial policy and a highly leveraged
capital structure to generate returns for its owners.

STRUCTURAL CONSIDERATIONS

Moody's rates the senior secured facilities B2, in line with the
company's CFR. The senior secured facilities benefit from
guarantors representing at least 80% of EBITDA in certain
jurisdictions (Spain, Italy and Brazil), and the security package
includes share pledges as well as pledges over bank accounts and
intercompany receivables. The RCF and term loan share the same
guarantor coverage and collateral, and rank pari passu.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could downgrade Altadia's rating if its liquidity profile
deteriorates or RCF/debt declined to below 5% on a sustained basis.
A downgrade would also be likely if Moody's adjusted leverage would
remain above 6x or if the company's EBITDA margin would decline to
the low teens, both on a sustainable basis.

An upgrade is unlikely over the next few years given the magnitude
of improvement in credit metrics necessary for a B1 rating. Moody's
would consider upgrading Altadia's rating if Moody's adjusted
leverage would decline to below 5.0x and its EBITDA margin would
remain well above 15%, both on a sustainable basis. An upgrade
furthermore would require Moody's adjusted RCF/debt consistently
exceeding the double digits and maintenance of good liquidity.

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY DESCRIPTION

Headquartered in Villarreal, Spain, Altadia is a global
manufacturer of intermediate products for the ceramic tile
industry. The group's offering comprises a full range of products
that determine the key properties of floor and wall tiles,
including surface colours, glazing products and body colouring
materials. The company generated revenue of around EUR1.1 billion
and company-defined EBITDA of EUR196 million for the last twelve
months ended June 2022. Altadia is majority owned by the Carlyle
Group.




===========================
U N I T E D   K I N G D O M
===========================

BCP V MODULAR: Moody's Affirms B2 Rating on EUR140MM Loan Add-on
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 backed Senior Secured
Bank Credit Facility for which BCP V Modular Services Holdings IV
Limited is the borrower, including the backed EUR1.51 billion Term
Loan B and its EUR140 million add-on. The outlook on the issuer
remains stable. BCP V Modular Services Holdings IV Limited is one
of the subsidiaries of BCP V Modular Services Holdings III Limited
(Modular), the top entity in the company's restricted group. Other
ratings of the group and stable outlooks remain unaffected by this
rating announcement.

RATINGS RATIONALE

The increase in the Term Loan B amount does not result in a
material change in expected loss of the rated debt, according to
the priorities of claims and asset coverage within the proposed
liability structure. Furthermore, Moody's expects that the
continued increase in revenues from the growing fleet, utilization
levels and the increasing proportion of value added products
Modular provides will moderate the immediate impact of the increase
in Modular's leverage post the issuance of the add-on to the Term
Loan B.

The Term Loan B and the existing backed senior secured notes issued
by BCP V Modular Services Finance II PLC and BCP V Modular Services
Finance PLC, and the backed Revolving Credit Facility of BCP V
Modular Services Holdings IV Limited are pari-passu amongst
themselves, and they continue to benefit from the presence of a
senior unsecured note that is structurally subordinated to them.  

RATIONALE FOR THE STABLE OUTLOOK

The outlook on BCP V Modular Services Holdings IV Limited remains
stable.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could upgrade Modular's B2 CFR, if Modular improves (i) its
cashflow generation, the level and stability of its profitability
and debt servicing capacity, (ii) deleverages so that debt / EBITDA
is maintained below 4x; and/or (iii) improves its liquidity profile
with lower secured debt reliance and higher cashflow generation
relative to its debt. An upgrade of the CFR would likely result in
an upgrade of all ratings of the group.

Conversely, Moody's could downgrade Modular's CFR if the company
(i) is unable to maintain its cash flow generation; (ii) fails to
maintain a sustainable profitability; and/or (iii) is unable to
deleverage, maintaining gross leverage above 6.5x for a prolonged
time while consuming its cash balances.

Moody's could also change the debt ratings if there are material
changes to the liability structure that increase or decrease
expected recoveries in a default scenario.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.


BRITISH STEEL: Mazars Resigns as Auditor Over Fee Dispute
---------------------------------------------------------
Rob Davies at The Guardian reports that the auditor of British
Steel has resigned, after the troubled Chinese-owned steelmaker
balked at the fees it quoted to sign off the company's books and
refused to compensate it for difficulties with the previous year's
audit.

According to The Guardian, accounting firm Mazars resigned in July
but its decision emerged on Oct. 12, days after British Steel owner
Jingye reportedly asked the government for financial support.

In a filing at Companies House, Mazars said it resigned in a
dispute over what British Steel was willing to pay for its
services, The Guardian relates.

Mazars did not say what fee it had proposed but it was paid
GBP323,000 for its work on the company's audit in 2020, a year in
which British Steel reported revenues of GBP844 million but
suffered heavy operating losses, The Guardian notes.

That year's audit, the first since British Steel was bought by the
Chinese firm Jingye, proved more tricky than expected, The Guardian
relays, citing Mazars.

Mazars said it was not aware of any matters that it should bring to
the attention of the company's creditors, according to The
Guardian.

British Steel sank to an operating loss of GBP140 million in 2020,
according to accounts that showed its financial difficulties
continued after Jingye's takeover, The Guardian recounts.

Jingye bought the company in 2020, saving 3,000 jobs, after a
prolonged period in which the British government struggled to find
a buyer for the owner of the Scunthorpe steelworks, one of only two
such plants in the UK that still operates a blastfurnace, The
Guardian discloses.

Ministers had agreed a financial support package worth as much as
GBP300 million in the hope of securing backing from a private
bidder, The Guardian states.

However, earlier this month, Jingye reportedly told ministers that
its two furnaces were unlikely to remain viable unless the company
was granted a bailout, The Guardian relates.


CANADA SQUARE 7: Moody's Assigns (P)B2 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Debt
to be issued by Canada Square Funding 7 PLC:

GBP []M Class A Loan Note due December 2051, Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due December
2051, Assigned (P)Aa2 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due December
2051, Assigned (P)A1 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due December
2051, Assigned (P)Baa2 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due December
2051, Assigned (P)B2 (sf)

Moody's has not assigned any ratings to the GBP []M VRR Loan Note
due December 2051, the Class S1 Certificate, the Class S2
Certificate and the Class Y Certificates. The VRR Loan Note is a
risk retention Note which receives 5% of all available receipts,
while the remaining Debt (Class A Loan Note and Classes B-E Notes)
and Certificates receive 95% of the available receipts on a
pari-passu basis.

The Debt is backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Fleet Mortgages Limited ("Fleet", NR). The
portfolio of assets amount to approximately GBP241.8 million as of
September 1, 2022 pool cutoff date and was previously securitized
in Canada Square Funding 2019-1 PLC. This represents the seventh
issuance out of the Canada Square Funding transaction.

RATINGS RATIONALE

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a portfolio with comparatively high seasoning and
low indexed LTV and an amortising liquidity reserve initially sized
at 1.00% of the Class A Loan Note balance at closing. The target
amount of the liquidity reserve fund is 1.25% of the outstanding
Class A Loan Note balance and the principal receipts will be used
to fund the reserve from 1.00% up to its target. The liquidity
reserve will amortise together with Class A Loan Note, subject to a
floor of 1.00% of Class A Loan Note at closing prior to the step-up
date and no floor post the step-up date in June 2025. The liquidity
reserve supports the Class S1 and S2 Certificates and Class A Loan
Note. The release amounts from the liquidity reserve fund will flow
through the principal waterfall and hence provide credit
enhancement for all Classes.

However, Moody's notes that the transaction features some credit
weaknesses such as a portfolio with a relatively short time to
reset on the fixed rate loans, negative excess spread at closing,
lack of liquidity support for Classes B to E and an unrated
servicer. Various mitigants have been included in the transaction
structure such as a back-up servicer facilitator responsible for
finding a replacement servicer if certain triggers are breached,
and a principal to pay interest mechanism that is always available
for Class A Loan Note, and is available for Classes B-E provided
the PDL for the respective Class is below 10%, or it is the most
senior tranche outstanding.

Moody's determined the portfolio lifetime expected loss of 1.25%
and Aaa MILAN credit enhancement ("MILAN CE") of 11% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected loss and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.25%: This is in line with the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the portfolio
characteristics, including the WA CLTV for the pool of 69.3%, 94.3%
interest-only loans, and short time to reset of the fixed rate
loans in the portfolio, with a WA time to reset of 1.3 years; (ii)
good performance of Canada Square 2019-1 transaction and Fleet
originated loans to date, based on the historical data, which
however does not cover a full economic cycle (historical data
provided starting 2015); (iii) the current macroeconomic
environment in the UK and the impact of future interest rate rises
on the performance of the mortgage loans; and (iv) benchmarking
with other UK BTL transactions.

MILAN CE of 11%: This is lower than other UK BTL RMBS transactions
and follows Moody's assessment of the loan-by-loan information
taking into account the following key drivers: (1) the WA current
LTV for the pool of 69.3%, WA Seasoning of 3.9 years and WA indexed
LTV of 56.7%; (2) 100% BTL portfolio with 94.3% interest-only
loans, and 24.1% HMO/MUB loans; (3) the pool concentration with the
top 20 borrowers accounting for approximately 10.2% of current
balance; (4) the historical data does not cover a full economic
cycle; and (5) benchmarking with similar UK BTL transactions.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework " published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that would lead to a downgrade of the ratings include: (i)
economic conditions being worse than forecast, resulting in
worse-than-expected performance of the underlying collateral; and
(ii) deterioration in the credit quality of the counterparties,
including the servicer.

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.   


DOWSON PLC 2021-1: Moody's Affirms 'B1' Rating on Class E Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four Notes in
Dowson 2021-1 Plc and Dowson 2021-2 Plc. The rating action reflects
the increased levels of credit enhancement for the affected Notes.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings.

Issuer: Dowson 2021-1 Plc

GBP199.8M Class A Notes, Affirmed Aaa (sf); previously on Feb 15,
2022 Affirmed Aaa (sf)

GBP29.4M Class B Notes, Affirmed Aa1 (sf); previously on Feb 15,
2022 Upgraded to Aa1 (sf)

GBP23.5M Class C Notes, Upgraded to Aa3 (sf); previously on Feb
15, 2022 Upgraded to A1 (sf)

GBP16.2M Class D Notes, Upgraded to Baa2 (sf); previously on Feb
15, 2022 Upgraded to Baa3 (sf)

GBP13.1M Class E Notes, Affirmed B1 (sf); previously on Feb 15,
2022 Affirmed B1 (sf)

GBP11.8M Class F Notes, Affirmed Caa2 (sf); previously on Feb 15,
2022 Affirmed Caa2 (sf)

Issuer: Dowson 2021-2 Plc

GBP281.2M Class A Notes, Affirmed Aaa (sf); previously on Oct 28,
2021 Definitive Rating Assigned Aaa (sf)

GBP41.4M Class B Notes, Affirmed Aa1 (sf); previously on Oct 28,
2021 Definitive Rating Assigned Aa1 (sf)

GBP33.1M Class C Notes, Upgraded to Aa3 (sf); previously on Oct
28, 2021 Definitive Rating Assigned A2 (sf)

GBP22.7M Class D Notes, Upgraded to Baa2 (sf); previously on Oct
28, 2021 Definitive Rating Assigned Baa3 (sf)

GBP18.6M Class E Notes, Affirmed Ba3 (sf); previously on Oct 28,
2021 Definitive Rating Assigned Ba3 (sf)

GBP16.5M Class F Notes, Affirmed Caa1 (sf); previously on Oct 28,
2021 Definitive Rating Assigned Caa1 (sf)

GBP41.4M Class X Notes, Affirmed Caa2 (sf); previously on Oct 28,
2021 Definitive Rating Assigned Caa2 (sf)

The Notes are backed by a static pools of UK auto finance contracts
originated by Oodle Financial Services Limited ("Oodle") (NR). The
portfolios consist of Hire Purchase ("HP") agreements granted to
individuals residing in the United Kingdom.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in the transactions.

In Dowson 2021-1 Plc, the credit enhancement for Class C and D
Notes increased to 29.5% and 17.9% from 19.7% and 11.9%,
respectively, since the last rating action.

In Dowson 2021-2 Plc, the credit enhancement for Class C and D
Notes increased to 22.4% and 13.6% from 14.1% and 8.5%,
respectively, since closing.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of Notes payments, in case
of servicer default.

Both transactions have reserves for the Notes B, C, D, E and F,
which will be available to cover shortfalls related to the
corresponding Notes, each representing 1% of their respective
Notes. Moody's also considered in its analysis that there is no
principal to pay interest in case of shortfall. The ratings of the
Class B Notes in both transactions are constrained by operational
risk, due to insufficient liquidity.

Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolios
reflecting the collateral performance to date.

The performance of the transactions has continued to be stable
since closing, with 90 days plus arrears currently standing at 1.2%
and 1.0% of current pool balance for Dowson 2021-1 Plc and Dowson
2021-2 Plc respectively. Cumulative defaults currently stand at
5.5% and 4.0% of original pool balance for Dowson 2021-1 Plc and
Dowson 2021-2 Plc respectively.

For Dowson 2021-1 Plc, the portfolio expected default assumption is
17.0% of the current portfolio balance, the assumption for the
fixed recovery rate is 30% and the portfolio credit enhancement
("PCE") is 40%.

For Dowson 2021-2 Plc, the portfolio expected default assumption is
14.0% of the current portfolio balance, the assumption for the
fixed recovery rate is 30% and the portfolio credit enhancement is
37.5%.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
July 2022.

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.


ENTAIN HOLDINGS: Moody's Rates New USD750MM Sec. Term Loan 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has assigned Ba1 rating to the proposed
issuance by Entain plc (Entain)'s subsidiary Entain Holdings
(Gibraltar) Limited of a new USD750 million senior secured Term
Loan B2 (TLB2) due 2029, expected to be placed in October.

The new TLB2 proceeds will be used to support the acquisition of a
75% economic stake in Supersport, a market leading gaming operator
in Croatia, previously announced in August 2022 and expected to
close by year end. The transaction encompasses the creation of
Entain CEE as a partnership with EMMA Capital (a leading investment
firm based in the Czech Republic who fully owns Supersport) to
drive expansion in Central and Eastern Europe; Supersport will be
fully incorporated into Entain CEE. Entain will own 75% of the
economic interest and 100% of the voting rights in Entain CEE.
Entain will also have the option to buy-out EMMA Capital's 25%
stake in Entain CEE at the end of a 3 years period.

The new USD750 million senior secured TLB2 rating is in line with
the current Entain plc's Ba1 corporate family rating (CFR) and
stable rating outlook.

RATINGS RATIONALE

Moody's views the acquisition of Supersport in Croatia and the
creation of Entain CEE as largely credit positive. The acquisition
helps to further diversify Entain group's revenue geographically,
improves the group EBITDA and cash flow generation, with a clear
path to become the sole owner of the business. On the other end the
transaction is fully funded by debt and is likely to result in
additional M&A in the CEE; the company, however, has restated its
medium term leverage target below 2x reported net debt to EBITDA.

Pro-forma for the transaction, Moody's adjusted Debt to EBITDA is
3.5x as of June 2022, declining to 3.3x in 2022 and 2.7-2.8x in
2023.

The Ba1 CFR is supported by (1) Entain's business profile that has
improved over time through a combination of targeted acquisitions,
geographic diversification and organic growth; (2) the underlying
positive trend in demand in the online gaming sector as well as the
demonstrated ability to migrate part of its retail customers to
online during the lock down period; (3) the size of the group with
revenues set to  exceed GBP4.5 billion in 2022 while maintaining
profitability and strong market share over the years; (4) the
competitive advantage stemming from Entain's proprietary technology
platform (5) strong free cash flow generation, that remained
positive in 2020 and 2021 and sufficient to cover the funding
requirement of BetMGM JV, combined with demonstrated deleveraging.

Entain's rating, however, remains constrained by (1) the highly
competitive nature of the online betting and gaming industry; (2)
the highly acquisitive nature of the company, being a consolidation
platform, that is unlikely to change in the near future; (3) the
company's ability to cash on the growth in the US market through
its JV and (4) the ongoing threat of greater regulation, gaming tax
increases, and regulatory fines, particularly in the largest and
most established European markets due to social pressure.

LIQUIDITY

Entain's liquidity position is good, evidenced by (1) material cash
flow generation, cash on balance sheet of GBP465 million (of which
GBP195 million is from customer deposits) as of June 2022; (2) an
undrawn GBP590 million senior secured RCF  with expiry in 2026. The
next debt maturity is represented by the GBP400 million 2023
Ladbrokes notes (unrated) which is likely to be repaid with
internal sources.

The senior secured RCF benefits from a springing covenant once
drawn for at least 40%; the covenant level would is set at 6.0x
with a stepdown to 5.5x after 2023 and 5.0x after 2025, leaving
plenty of headroom.

Capex are assumed to be largely non-discretionary and in the region
of GBP200 million; BetMGM JV still requires material investments
for 2022 but reducing significantly in 2023. Both capex and JV
investments are well covered by internal cash flow generation.

ESG CONSIDERATIONS

Entain has a highly negative exposure to social risks. Entain
operates in jurisdictions where the gaming industry is subject to
an evolving and tightening regulatory environment aimed at
protecting players subject to gambling addiction issues as well as
preventing money laundering. Although, gaming remains a popular
source of entertainment, in the UK Entain faces growing social
responsibility pressures, which could lead to tighter gaming
regulations for online gaming as already seen in the UK retail
segment and in Germany and the Netherlands. Entain's activities are
largely online, which positions the company well in the context of
changing consumer preferences from land-based gaming to online.
Entain's exit from unregulated markets, combined with its
geographical diversification across Europe and rapid growth in the
USA would help to mitigate its exposure to regulatory risk. The
recent regulatory settlement of GBP17 million with the British
Gambling Commission related to historical breaches during 2020; to
mitigate the risk of such events repeating, the company has
appointed a Board member to oversee that relevant policies and
procedure will no longer generate compliance shortfalls and to
enhance the company focus on responsible gambling.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's view that the business has
reached full recovery from the pandemic, is well positioned to
absorb the potential regulatory changes expected in the UK by the
end of 2022 and to benefit from a strong slate of sports events in
the next 12-18 months that will drive sports betting revenue
growth. Although the gaming sector is unlikely to be significantly
affected by economic cycle, the present macroeconomic environment
is likely to deteriorate leading to lower disposable income.

The stable outlook reflects the view that leverage will continue to
decline despite possible regulatory headwinds in the UK. Entain's
effort to date to pursue a responsible gaming strategy would
possibly mitigate some of the foreseen negative impacts from the
review of the Gaming Act later in 2022.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward pressure on the ratings could arise over time if the
company's (1) Moody's-adjusted gross leverage falls sustainably
below 2.5x; (2) the company's retained cash flow (RCF)/Net debt (as
adjusted by Moody's) remains sustainably above 35%. For an upgrade
Moody's also expects the group to further define its dividend
policy and reduce its appetite for yearly acquisitions.

Downward pressure on the ratings could occur if the company's (1)
Moody's-adjusted gross leverage is maintained for a prolonged
period of time above 3.5-4.0x; (2) retained cash flow (RCF)/Net
debt (as adjusted by Moody's)  deteriorates towards 20% and (3)
changes to its financial policy resulting in greater appetite for
leverage. A downgrade could also occur as a result of materially
adverse regulatory actions in one or more of the larger
geographies.

STRUCTURAL CONSIDERATIONS

The new $750 million senior secured TLB2 is structured as an add-on
facility and benefits from the same documentation of the existing
USD1,125  million senior secured TLB maturing in 2027 (Ba1);
guarantees from material subsidiaries representing at least 75% of
the consolidated EBITDA from Guarantor Jurisdictions (UK,
Gibraltar, Australia, the Isle of Man, and any other jurisdiction
which generates more than 20% of consolidated EBITDA)  will be also
provided.

All the TLBs and the GBP400 million Ladbroke notes maturing in 2023
will rank pari-passu and share the same security package,
consisting mainly of share pledges.

The rating of all debt instruments is in line with the CFR
reflecting a single debtor class in the capital structure.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Gaming published
in June 2021.

COMPANY PROFILE

Entain is one of the largest global gaming & betting operators with
revenues of GBP4.2 billion and EBITDA of GBP0.95 billion for the
last twelve months ending June 2022; it has operations in 31
regulated or regulating territories, more than 25,000 people in 20
offices across five continents. Listed on the London Stock Exchange
and a constituent of the FTSE 100 index, it has a market
capitalisation exceeding GBP6.5 billion.  


HOPS HILL 2: Moody's Assigns B1 Rating to GBP9.8MM Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Hops Hill No. 2 plc:

GBP251.3M Class A Mortgage Backed Floating Rate Notes due November
2054, Definitive Rating Assigned Aaa (sf)

GBP21M Class B Mortgage Backed Floating Rate Notes due November
2054, Definitive Rating Assigned Aa2 (sf)

GBP11.3M Class C Mortgage Backed Floating Rate Notes due November
2054, Definitive Rating Assigned Aa3 (sf)

GBP7.5M Class D Mortgage Backed Floating Rate Notes due November
2054, Definitive Rating Assigned Baa2 (sf)

GBP9.8M Class E Mortgage Backed Floating Rate Notes due November
2054, Definitive Rating Assigned B1 (sf)

Moody's has not assigned any ratings to the GBP1.5M Class F
Mortgage Backed Floating Rate Notes due November 2054 and to the
GBP4M Class J Variable Funding Notes due November 2054.

RATINGS RATIONALE

The notes are backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Keystone Property Finance Limited. The
originator sold the beneficial title to UK Mortgages Corporate
Funding DAC. This represents the second issuance out of the Hops
Hill label.

The portfolio of assets amounts to approximately GBP300 million as
of August 31, 2022 pool cut-off date. The liquidity reserve fund is
funded to 0.9% of the total Class A Notes balance at closing and
the total credit enhancement for the Class A Notes is 17.0%;
including the liquidity reserve fund.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 0.9% of Class A Notes balance at closing. However,
Moody's notes that the transaction features some credit weaknesses
such as an unrated servicer and no back-up servicer. Various
mitigants have been included in the transaction structure such as a
back-up servicer facilitator which is obliged to appoint a back-up
servicer if certain triggers are breached, as well as liquidity for
the Class A Notes of 3.2 months.

Moody's determined the portfolio lifetime expected loss of 2.0% and
Aaa MILAN credit enhancement ("MILAN CE") of 13.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 2.0%: This is higher than the United
Kingdom RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
WA current LTV of the pool of 71.4%, (ii) the performance of
comparable originators, (iii) the expected outlook for the UK
economy in the medium term and (iv) benchmarking with similar UK
BTL transactions.

MILAN CE of 13.0%: This is in line with the United Kingdom sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
WA current LTV of the pool of 71.4%, (ii) the fact that the top 20
borrowers constitute 9.9% of the pool, (iii) the share of
self-employed borrowers is 18.4%, and that of legal entities (with
full recourse to borrowers) is 56.0%, (iv) the presence of 13.9% of
House in Multiple Occupation (HMO) and Multi-Unit Block (MUB) loans
in the pool and (v) the benchmarking with similar UK BTL
transactions.

At closing, the transaction benefits from an amortising liquidity
reserve which is equal to 0.9% of Class A at closing and will then
target 1.8% of the current balance of Class A Notes with a floor at
the amount at closing. The liquidity reserve fund is available to
cover senior fees and costs and Class A interest. The reserve is
fully funded at closing from issuance of the notes. The liquidity
reserve fund will be replenished in the waterfall after payment of
Class A interest. The reserve fund will be released once Class A
has been fully redeemed.

Operational Risk Analysis: Pepper (UK) Limited is the servicer in
the transaction whilst Citibank N.A., London Branch, will be acting
as the cash manager. To mitigate the operational risk, Intertrust
Management Limited (NR) will act as back-up servicer facilitator.
To ensure payment continuity over the transaction's lifetime, the
transaction documentation incorporates estimation language whereby
the cash manager can use the most recent servicer reports available
to determine the cash allocation in case no servicer report is
available. Finally, there is principal to pay interest as an
additional source of liquidity for the Classes A to E. Principal
can be used to pay interest on Class A without any conditions. For
Classes B to E Notes, the respective class of notes has to be the
most senior outstanding note to be able to use principal to pay
interest.

Interest Rate Risk Analysis: 100% of the loans in the pool are
fixed rate loans reverting to BBR. The notes are floating rate
securities with reference to daily SONIA. To mitigate the
fixed-floating mismatch between the fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by Banco Santander S.A. (Spain)
(A3(cr)/P-2(cr)).

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include
significantly better than expected performance of the pool together
with an increase in credit enhancement of notes.

Factors that would lead to a downgrade of the ratings include an
increase in the level of arrears resulting in a higher level of
losses than forecast.


JOULES: Stoneacre Motor Owner Buys GBP1MM Worth of Shares
---------------------------------------------------------
Ian Evans at TheBusinessDesk.com reports that the owner of
Yorkshire-based car dealership Stoneacre Motor Group has acquired
GBP1 million worth of shares in struggling lifestyle brand Joules
and may be considering a rescue bid for the Market Harborough
retailer, Retail Gazette reports.

Richard Teatum has "not ruled out" coming to the stricken firm's
aid after becoming its second largest shareholder, according to the
trade title, TheBusinessDesk.com notes.

According to TheBusinessDesk.com, Mr. Teatum, who now holds an 8.9%
stake in the company, is reportedly "keeping [his] options open"
and was quoted as saying Joules "can be turned around; not easily,
but it can be."

The news follows a turbulent period for the Leicestershire firm,
which is considering entering into a company voluntary arrangement
(CVA) to help cut spiralling costs, TheBusinessDesk.com states.

Joules has been in talks with Interpath Advisory over a plan for a
CVA that could ultimately mean store closures and job cuts,
TheBusinessDesk.com relates.  However, it told the London Stock
Exchange on Oct. 10 that a CVA was just one of "a range of other
potential options", TheBusinessDesk.com recounts.


MCCOLL'S: Morrisons' Purchase Set to Get Regulatory Clearance
-------------------------------------------------------------
James Davey at Reuters reports that British supermarket group
Morrisons' purchase of convenience retailer McColl's looks set to
be cleared after the competition regulator said it was likely to
accept an offer to sell 28 stores.

Morrisons bought the 1,100 store McColl's for a reported GBP190
million (US$210 million) in May after it collapsed into
administration, Reuters recounts.

However, the Competition and Markets Authority (CMA) launched an
investigation into the deal in July, Reuters relates.

Following an initial probe, the watchdog found the deal would not
harm the vast majority of UK shoppers or other businesses, but that
it raised competition concerns in 35 areas, Reuters notes.

To address these concerns, Morrisons offered to divest 28 McColl's
stores.  The CMA said it was minded to accept these proposals,
Reuters states.

"The CMA is now consulting on the proposals -- known as
undertakings -- for the sale of these stores.  If the CMA accepts
the proposals, the deal would be cleared to proceed," it said.


PRESTED HALL: Open for Business Again Following Takeover
--------------------------------------------------------
George King at Daily Gazette reports that a wedding venue which
shut down suddenly causing uncertainty for staff and customers is
"open for business again" after being taken over.

Prested Hall, in Feering, closed without any warning last month
after a wedding fair listed on the company's website was postponed
without reason, the Gazette recounts.

Employees at the hospitality venue told the Gazette bosses had
informed them they were no longer needed to work, with one saying
they had been made redundant.

The firm was put into liquidation with documents on Ccompanies
House confirming a liquidator was appointed, the Gazette recounts.


Several worried parties raised concerns over whether or not their
weddings and events would still go ahead at the 15th Century manor
house, the Gazette notes.

After weeks of radio silence, and despite repeated requests for
answers from the Gazette, Prested Hall bosses have now confirmed
the establishment has been taken over, the Gazette relates.


SIGNATURE LIVING: Kroll Explores Options for Preston Hotel
----------------------------------------------------------
Dan Whelan at Northwest Place reports that administrator Kroll is
torn between marketing the unfinished development for sale or
taking out a loan to complete the 65-bedroom scheme before selling
it on.

Kroll was appointed as administrator over Signature Living Preston
in August, Northwest Place recounts.  The company owns the
leasehold of Preston's former post office building on Market
Street, having acquired it from Preston City Council, Northwest
Place notes.

The company planned to convert the building into a hotel named
after former football manager Bill Shankly, a sister venue to the
Shankly Hotel in Liverpool, Northwest Place states.

Kroll is in talks with agents over how best to market the property
for sale and is weighing up whether to sell the unfinished building
or complete the project and appoint an operator so the asset can be
sold as a going concern, Northwest Place relates.

According to Northwest Place, in a report updating creditors, Kroll
said it had been appointed as administrator by development finance
provider Lyell Trading.  

Lyell had lent Signature GBP12 million for the GBP15 million
redevelopment of the grade two-listed building, Northwest Place
relays, citing the report.

However, Kroll said the developer fell behind on repayments due to
project delays and cost overruns, Northwest Place notes.

Signature's failure to meet its loan repayments prompted Lyell to
appoint Kroll in a bid to recover its cash, Northwest Place states.


Kroll predicts the sale of the scheme will generate sufficient
funds to pay "a distribution" to Lyell and SW Construction (No.2)
Ltd, which is owed GBP4 million, according to Northwest Place.

However, unsecured creditors owed GBP6.8 million in total may miss
out, Northwest Place says.  


TULLOW OIL: Moody's Puts 'B3' CFR on Review for Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B3
corporate family rating and the B3-PD probability of default rating
of Tullow Oil plc ("Tullow" or "the company"). Concurrently,
Moody's has also placed on review for downgrade the B2 rating of
the outstanding $1,700 million backed senior secured notes due in
2026 and the Caa2 rating on the $800 million backed senior
unsecured notes due 2025. The outlook has been changed to ratings
under review from positive.

The rating action is primarily driven by Moody's downgrade and
placing on review for further downgrade of Government of Ghana
long-term issuer and senior unsecured debt ratings to Caa2 from
Caa1. Moody's also lowered Ghana's local currency (LC) and foreign
currency (FC) country ceilings to respectively B2 and B3, from B1
and B2.

The action on Tullow's ratings also reflects the company's limited
scope to reduce its reliance on Ghanaian operations in the
near-term, given that the contemplated merger with Capricorn Energy
plc is no longer expected to go ahead.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

Ghana currently accounts for around 70% of Tullow's oil production
and 2P oil reserves, and as such the company has a large
operational concentration to Ghana. As a result, Moody's believes
that the creditworthiness of the company cannot be completely
delinked from that of the Government of Ghana. However, Tullow's B3
CFR is two-notches above the sovereign rating of Ghana owing to the
degree of insulation from a deteriorating sovereign due to the
company's (i) offshore production and direct sales of crude oil
outside of the African continent, (ii) no exposure to foreign
exchange risk supported by US dollar revenues, (iii) established
and diversified financing framework, completely independent of the
Ghanaian domestic banking system and (iv) protection from adverse
changes in tax regimes and capital controls through stabilisation
clauses included in the existing petroleum agreements.

Moody's expects the review to be completed upon completion of the
review of the sovereign rating. The review will focus on the
rationale of the sovereign rating and final local and foreign
currency ceilings. Moody's will continue to assess whether the two
notches difference between Tullow's CFR and the sovereign rating
remains appropriate and whether the rating on the senior secured
notes should be capped by the ceilings.

The ratings are currently on review for downgrade. Prior to the
ratings review process and under the assumption that the
contemplated merger with Capricorn Energy plc would go ahead,
Moody's said that an upgrade of Tullow's ratings would require the
company to build a solid operational track record in Egypt, coupled
with sustainable strong operational performance in Ghana. Further
positive rating pressure would also require rising operating
profitability and improving FCF generation accompanied by a strong
liquidity profile. Finally, for an upgrade Moody's would require
larger production scale and substantial deleveraging, such that E&P
debt to average daily production falls below $30,000 and retained
cash flow to gross debt improves to at least 15%.

Prior to the rating review process, Moody's said that Tullow's
ratings could come under negative pressure if the company's E&P
debt to total average daily production remains sustainably above
$60,000 or if retained cash flow to debt falls below 10%. Weakening
liquidity including a failure to address the 2025 maturities at
least 12 months in advance could also lead to a downgrade. Tullow's
ratings could be under negative pressure also following a downgrade
of Ghana's sovereign rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production published in August 2021.

COMPANY PROFILE

Tullow Oil plc is a UK-based independent exploration and production
oil and gas company, with producing assets located in Ghana, Gabon
and Cote d'Ivoire, and contingent resources in Kenya and Guyana.
The company holds over 30 licenses across 8 countries and produced
around 61 barrels of oil equivalent per day in the first six months
of 2022. Tullow Oil plc is listed on the London, Irish and Ghana
Stock Exchanges.  


WASPS: Likely to Go Into Administration Within Days
---------------------------------------------------
BBC News reports that financially troubled Wasps have announced
they are "likely" to go into administration "within days".

The Premiership club have twice filed notice to get insolvency
experts in to help with their debts, which run to tens of millions
of pounds, BBC relates.

They face becoming the second side to go into administration within
weeks, following Worcester last month, BBC states.

According to BBC, in a statement, Wasps Holdings Limited said they
had been working "tirelessly" to secure the club's future.

"We strongly believe it is the right course of action," the
statement added.

Coventry-based Wasps will not fulfil this Saturday's Premiership
game at Exeter following the news, saying they "recognise that this
will not only impact on our players, staff and supporters, but also
Exeter Chiefs and the wider rugby community".

However, if Wasps were to go into administration, they would also
face relegation, BBC discloses.

Under RFU rules, any club that enters administration is
automatically relegated next season, unless they can prove it was a
no-fault insolvency, BBC states.

Wasps had been hopeful of securing new funding to help with a GBP35
million debt owed to bond holders following their relocation from
London in 2014, and HM Revenues and Customs pursuing them for
unpaid taxes, BBC notes.

Despite saying talks with interested parties are "ongoing", the
club have been forced to take action, BBC relays.

"Since filing a notice of intention to appoint administrators on
Sept. 21, we have been working tirelessly to secure the long-term
future for Wasps Holdings Limited, and all of the organisations and
clubs that sit within the Group," BBC quotes the statement as
saying.

"Negotiations to secure deals that will allow the men's and women's
rugby teams, netball team and the arena and associated business to
move forward are ongoing.

"However, it has become clear that there is likely to be
insufficient time to find a solvent solution for the companies
within the group, and it is therefore likely that they will enter
into administration in the coming days with a view to concluding
deals shortly thereafter."

Wasps' decision was taken after revealing they have "insufficient
cash" to carry on operations without new investment, BBC discloses.
Interested parties were asked to provide "bridging finance" to
bide the club enough time for "a solvent solution" to be found, BBC
relays.

"Regrettably, this has not been possible to date, although we will
continue to pursue this until the very last opportunity," the
statement said.

The club's official beer supplier, Heineken, said it had "uplifted
stock that hadn't been paid for" after being unable to find a
"workable solution" following Wasps' notice of intention to appoint
administrators, BBC notes.

Any move into administration would throw doubt on Wasps' future at
their home stadium, the Coventry Building Society Arena, according
to BBC.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

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be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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